Italy's Intesa Sanpaolo could form an investment banking joint venture with the banking arm of state-owned gas monopoly Gazprom and another Russian bank, after a meeting of top executives from the Italian bank and senior government officials.

Intesa Sanpaolo is set to take a 50% stake in an investment banking business with Gazprombank and Vnesheconombank, according to an aide to Russian President Vladimir Putin quoted by Bloomberg.