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Intesa Sanpaolo to absorb Banca Nuova

Intesa Sanpaolo SpA said it plans to merge Banca Nuova SpA into the group by incorporation.

The merger plan, which will be approved by Intesa Sanpaolo's board without prejudice, has been filed with the Torino company register following ECB authorization, the bank said.

Banca Nuova was a unit of Banca Popolare di Vicenza SpA, which Intesa acquired in June.