Intesa Sanpaolo's private division has begun a structure rationalization that will bring all advisor and agent networks under the legal entity of Fideuram Intesa Sanpaolo Private Banking.

The deal, which is expected to be finalized by year's end, involves the merger of IW Private Investments into Fideuram Intesa Sanpaolo Private Banking, which already controls it 100 percent, says a note.

The IW Private Investments brand will still be maintained to ensure continuity in the management of relationships with financial advisers and clients.

The individual networks -- Fideuram, Sanpaolo Invest and IW Private Investments -- while combined under a single legal entity, will remain autonomous in terms of organization, branding and market visibility.

As of March 31, IW Private Investments had total assets of 8.2 billion euros, including 5.2 billion in assets under management, about 59,000 clients and 523 financial advisers.

(Gianluca Semeraro, editing Stefano Bernabei)