Italian and Russian banks to launch joint venture
Italian banking group Intesa Sanpaolo and Russian bank Gazprombank have signed an agreement to make private equity investments in medium-sized local companies.
The joint venture will invest up to €300m in Italian companies looking to expand in Russia or Russian firms seeking Italian expansion.
Antonio Fallico of Intesa Sanpaolo will head up the venture.
Dmitry Medvedev and Mario Monti oversaw the signing of the agreement in Moscow.
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