KIEV, July 23 – Italian Group Intesa Sanpaolo has put Ukrainian-based Pravex-Bank up for sale, Kommersant-Ukraine newspaper reported.

The group acquired the bank from the family of Kiev ex-mayor Leonid Chernovetsky for EUR 493 million in July 2008.

According to the newspaper, the Italian unit of French Group BNP Paribas, which owns UkrSibbank, acted as an investment consultant, and the due diligence of Pravex-Bank was conducted by Delta Bank, Alfa-Bank and Finbank.

"But the Italians did not prepare the documents properly and failed to quickly provide the figures requested on Pravex-Bank. Therefore we decided to prepare better and took a break," reads the newspaper, with reference to one of the bankers, adding that talks would be resumed in late August.