As part of the process of privatization of Serbian banks, Sanpaolo IMI was chosen by the Serb government to acquire an 87.39% stake in Panonska Banka, the country's fourteenth largest bank.
After Intesa Sanpaolo came into being, its two Serbian subsidiaries, Panonska Banka and Banca Intesa Beograd (formerly Delta banka) were merged under the name of the latter.