 On August 24, 2006 a merger with Banca Intesa was announced, which on 1 December 2006 was approved by the joint meetings of the shareholders of Banca Intesa and Sanpaolo IMI.On 2 January 2007 the merger went into effect, thereby creating Intesa Sanpaolo, now the largest Italian bank and one of the largest in the Eurozone.The new banking company based in Turin and is administered under the "two-tier model", with the presence of a Supervisory Board and a Board of Management.