On 4 November 1981 Società Aeritalia, a Turin-based aerospace engineering corporation, signed an agreement with the French company Aérospatiale to produce regional transport civil aircraft (ATR).
In order to increase its production quota of aircraft for foreign markets, the Italian firm decided to enter into a financial cooperation agreement with Istituto Bancario San Paolo (IBSP), which received authorization to participate in the aeronautic leasing initiative in December 1987. The operation involved setting up a joint venture in Ireland, GPA Jetprop ATR Ltd., in which IBSP in which IBSP acquired a 12.5% stake alongside GPA Jetprop Ltd. (50%), GIE Avions de Transport Regional Toulouse (25%) and Banque Indosuez (12.5%).
IBSP created a local subsidiary, San Paolo Bank Ireland, in order to acquire and manage its share package in the joint venture.

IBSP, VCA; October 12, 1987; IV/1418, pp. 266-272
IBSP, Administration and Shareholdings Division, Deposit 66, Box 11.