• Intesa Sanpaolo launched a partial demerger by spin-off into Ghibli LeaseCo, a vehicle supporting a leasing NPL securitization.
• Transfer to LeaseCo of leased assets and related legal relationships tied to predominantly “bad-loan” leasing contracts, excluding the leasing receivables.
• Transaction structured to keep the transferred net book value at EUR 0, with balancing through financial assets linked to the securitization.
• Economic value of the carved-out perimeter set at EUR 78,184, based on discounted net income from a management contract.
• Completion hinges on ECB authorization under Italy’s banking law, plus Intesa’s purchase of 100% of LeaseCo before effectiveness.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Intesa Sanpaolo S.p.A. published the original content used to generate this news brief via SDIR, the Italian regulatory disclosure system (Ref. ID: 159202.pdf), on September 04, 2026, and is solely responsible for the information contained therein.