Italian bank Intesa Sanpaolo is preparing to relaunch the €3bn ($4bn) initial public offering of Eurizon, its asset management and insurance business, with plans to revive the sale by spinning off part of the unit.

Eurizon's float had originally been expected before the end of last year. A banker close to the situation said Intesa Sanpaolo was preparing the float again and may spin off up to 30% of Eurizon to shareholders on a pro rata basis prior to the float.