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Banca IMI-Intesa Sanpaolo Group Selling Off Prada Shares

The Italian bank started selling its remaining shares of the fashion firm this September, a spokesman confirmed Thursday.

SELLING OUT: Banca IMI-Intesa Sanpaolo Group started selling its remaining shares of Prada this September, a spokesman confirmed Thursday. So far, the Italian bank has sold 30 percent of its shares, raising 38 million euros, or $48.6 million at current exchange rates, in capital gains.

Banca IMI-Intesa Sanpaolo Group, which owned 5.1 percent of Prada in 2011, supported the fashion company’s move for an initial public offering in Hong Kong that year, and kept one percent of its shares after the listing took place. “We accompanied [Prada] along its path, and now the bank is taking a step back, in accordance with its long-term goals,” said the spokesman.