MILAN, Nov 11 (Reuters) - Italy's largest bank Intesa

Sanpaolo said it would partner with BlackRock ( BLK ),

the world's biggest asset manager and a leading Intesa

shareholder, to offer digital wealth management services to

clients in Belgium and Luxembourg.

By teaming up with BlackRock ( BLK ), Intesa Sanpaolo's private

banking unit Fideuram will broaden its digital offering of

investments to clients in those two countries, with a view to

expanding further in Europe.

"This agreement is a perfect fit with our strategy based on

the growth of our wealth management business and the development

of new digital solutions," CEO Carlo Messina said.

With a strong focus on its home country, which accounts for

the bulk of its profits, Intesa has bet on investments in

technology to grow.

It launched last year Fideuram Direct, a digital private banking

channel to serve younger customers leveraging technology to

compete in a sector where players are increasingly betting on

scale to lower costs.

Messina has repeatedly said there are no wealth management

targets Intesa could buy at prices that would deliver value for

shareholders.

Intesa can't expand domestically due to antitrust limits

after buying smaller peer UBI in 2020. A cross-border deal like

the possible Commerzbank buy being explored by

crosstown rival UniCredit would not provide enough

cost cuts without the foreign presence of UniCredit, Messina has

said.

Earlier this year Intesa reorganised its core wealth

management activities under veteran executive Tommaso Corcos,

widely seen as one of the potential successors to CEO Messina in

the future.

On Friday, Intesa said it was further simplifying its wealth

management divisions.

It said it would have one division within its Eurizon asset

management business in charge of funds, and another division

within Fideuram in charge of all portfolio management services

offered by financial advisors and private bankers.