Eurizon Financial Group, the insurance and asset management arm of Italian bank Sanpaolo Imi, has offered €5 ($6.3) per share for a further ...

Eurizon Financial Group, the insurance and asset management arm of Italian bank Sanpaolo Imi, has offered €5 ($6.3) per share for a further 25.3 per cent of the share capital in the group’s private banking division, Banca Fideuram. Eurizon already controls 73.37 per cent of Fideuram, and this offer, which will begin in mid-August and last for a month, relates to all remaining shares other than the 1.3 per cent held by Fideuram itself. Eurizon described the move as part of a broad restructuring and strengthening of the group.