~~FORM~~SECURITIES ~~6-K~~AND EXCHANGE COMMISSION

~~SECURITIES~~Washington, ~~AND~~D.C. ~~EXCHANGE COMMISSION~~20549

~~Washington, D.C. 20549~~FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the period June 16 26, 2006

SANPAOLO IMI S.p.A.~~(Exact name of registrant as specified in its charter)~~

~~Piazza~~(Exact ~~San~~name ~~Carlo~~of ~~156~~registrant ~~10121~~as ~~Turin,~~specified ~~Italy(Address~~in ofits ~~principal executive offices~~charter)

~~Indicate~~Piazza bySan ~~check~~Carlo ~~mark~~156 10121 ~~whether~~Turin, ~~the registrant files or will file annual reports under cover Form 20-F or Form 40-F.~~Italy

~~Form~~(Address ~~20-F~~of xprincipal ~~Form~~executive ~~40-F o~~offices)

Indicate by check mark whether the registrant byfiles ~~furnishing~~or will ~~the~~file ~~information~~annual ~~contained~~reports inunder ~~this~~cover ~~form is also thereby furnishing the information to the Commission pursuant to Rule 12g3~~Form 20-~~2(b)~~For ~~under the Securities Exchange Act of 1934~~Form 40-F.

~~Yes o No~~ Form 20-F x Form 40-F o

~~Nasce~~ SANPAOLO ~~BANCA DELL’ADRIATICO,~~ ~~the Group’s reference point for the Adriatic.~~IMI

~~Turin, June 16,~~NEWS 2006 — SANPAOLO IMI today signed the agreement for the completion of the reorganization of the Adriatic business distribution network. This envisages the incorporation of Banca Popolare dell’Adriatico into the Parent Bank and the conferral to SANPAOLO BANCA DELL’ADRIATICO, the Group’s new commercial bank, wholly controlled by Sanpaolo Imi, with banking branches in the Marche, Abruzzo and Molise.RELEASE

~~The~~Wider ~~merger~~Shareholding ofPlan ~~Banca~~(“WSP”) ~~Popolare~~to ~~dell’Adriatico~~support ~~into~~2006-2008 ~~Sanpaolo~~Industrial ~~IMI,~~Plan: ~~approved~~from by27 ~~the Board of Directors of the Parent Bank on May~~June ~~16, will have legal effect~~to ~~from~~26 ~~June~~July ~~17.~~Sanpaolo ~~The~~IMI ~~conferral~~and bythe ~~Sanpaolo~~other ~~Imi~~Commercial toBanks ~~SANPAOLO BANCA DELL’ADRIATICO~~ of the ~~business,~~Group ~~which~~ will ~~have 199 branches (69 Sanpaolo and 130 Banca~~buy ~~Popolare~~shares ~~dell’Adriatico),~~in ~~will~~the ~~take effect from June 18.~~Market

~~SANPAOLO BANCA~~Turin, ~~DELL’ADRIATICO~~June 26, 2006 ~~with~~—The ~~registered~~purchases ~~office~~of inSanpaolo ~~Pesaro,~~IMI ~~obtained authorization~~S.pA. ~~from~~shares to ~~Banca~~be ~~d’Italia~~assigned atfree ~~the beginning~~ of ~~June~~ charge to Sanpaolo ~~carry~~IMI onemployees ~~banking~~ and ~~investment~~ ~~services~~those ~~activities.~~of ~~The~~the ~~conferral~~other Commercial Banks of the ~~business, also~~Group ~~specifically~~(Sanpaolo ~~authorized,~~Banco ~~will~~di beNapoli, ~~equal~~Sanpaolo toBanca ~~the~~dell’Adriatico, ~~accounting~~Cassa ~~value.~~di ~~There~~Risparmio ~~will be~~in anBologna, ~~increase~~Cassa indi ~~capital~~Risparmio ofdi ~~Euro~~Padova ~~248~~e Rovigo,~~000,000~~ ~~(from~~Cassa ~~Euro~~di ~~6,300,000~~Risparmio todi ~~Euro~~Venezia ~~254,300,000~~and Friulcassa) ~~through~~in the ~~issue~~context of ~~248,000,000~~the ~~ordinary~~Wider ~~shares~~Shareholding ofPlan ~~unit~~(“WSP”) ~~nominal~~approved ~~value~~by the Shareholders’ Meeting of ~~Euro~~the 1,Parent ~~with~~Bank aon ~~total~~April 28 ~~premium~~and of ~~Euro~~the Plans ~~138,000,000.~~- ~~KPMG~~similar ~~has~~in ~~been mandated~~content toand ~~provide~~modality ~~the~~— ~~estimates,~~approved ~~pursuant~~by tothe ~~Article 2343~~Shareholders’ Meetings of the ~~Italian Civil~~Commercial ~~Code~~Banks in May, will start tomorrow.

~~Following~~Sanpaolo IMI thus ~~the~~provides ~~transaction~~information, ~~the~~pursuant ~~new~~to ~~bank~~D. ~~will~~Lgs. ~~have~~24 ~~199~~February 1998 ~~branches,~~n. ~~approximately~~58 ~~1,700~~(TUF) and ~~employees~~art. 144 bis of Delibera Consob n. 11971/1999 (Regolamento Emittenti), concerning the reasons and ~~240~~essential elements of the distribution plan,~~000~~ ~~customers~~as well as the details of the share purchase program. The information is made by the Parent Bank also on behalf of the Subsidiary Companies subject to the communication requirements of the above.

~~The~~Sanpaolo IMI ~~reorganization~~established isa inWSP for its employees — announced by news release on May 23 — to promote the ~~context~~involvement of ~~the~~personnel ~~“Banca~~in ~~Nazionale~~the ~~dei~~company’s ~~Territori”~~performance and ~~(National/Local)~~reinforce ~~model,~~the ~~which~~relationship ~~envisages~~between results and the ~~identification of~~company’s adevelopment. ~~single~~The scheme ~~reference~~is ~~brand~~part inof ~~each~~the ~~area,~~incentive ~~so as~~plans to ~~strengthen~~support the ~~relationship~~Three-year ~~between~~Plan (2006-2008) and is specifically provided for in the ~~individual~~Company ~~branch~~Employment ~~networks~~Contract (Contratto Integrativo Aziendale) of May 11, 2006, and also provided for in the ~~their~~Company ~~regions~~Employment Contracts of the Commercial Banks.

RELAZIONI ESTERNE	INVESTOR RELATIONS
Filippo Vecchio	Dean Quinn
Tel: +39 011 555 7747	Tel: +39 011 555 2593
e: infomedia@sanpaoloimi.com	e: investor.relations@sanpaoloimi.com

All permanent employees (as of June 9, 2006) who have voluntarily joined the schemes between June 12 and 23, against a restructuring in the company Productivity Bonus of 2005, are beneficiaries.

Employees will receive an unpaid assignment of Sanpaolo IMI ordinary shares individually corresponding to the amount on the calculations at December 31, 2005 and equal to a maximum of Euro 2,065.83, equal to half the amount assigned in shares.

~~SIGNATURES~~To meet the individual assignment requirements for its employees, each Bank will purchase Sanpaolo IMI shares equal to the nominal value of the shares, equal to the arithmetic average of the Official Prices calculated by Borsa Italiana S.p.A. in the period from June 27, 2006 to July 26, 2006 inclusive. The reference countervalue necessary to serve the WSP is approximately Euro 19.5 million for Sanpaolo IMI and approximately Euro 12.5 million for the Commercial Banks and the shares will be purchased by each of them as appropriate in the market in the same period.

~~Pursuant~~The toshare purchases for the ~~requirements~~unpaid ofassignments ~~the~~will ~~Securities~~be ~~Exchange~~made ~~Act~~according to artt. 2357 et seqq. of ~~1934,~~the Italian Civil Code within the ~~registrant~~limits ~~has~~of distributable ~~duly~~income ~~caused~~and ~~this~~available ~~report~~reserves tofrom bethe ~~signed~~last onfinancial ~~its~~statements regularly ~~behalf~~approved. byPursuant ~~the~~to ~~undersigned,~~art. ~~thereunto~~132 ~~duly~~TUF ~~authorized~~and art. 144 bis of the

~~SANPAOLO~~Regolamento Emittenti, ~~IMI~~the ~~S.p.A.~~purchases ~~By:~~will ~~/s/~~be ~~James~~made ~~Ball~~on ~~Name:~~regulated ~~James~~markets ~~Ball~~according ~~Title:~~to ~~Head~~the operating modalities set out in the organization and management rules of the ~~International~~markets ~~Strategy~~concerned. The purchases will also be made within the limits set by Shareholders’ motions, ~~London~~no ~~Branch~~greater than 25% of the average volumes traded in the 20 days preceeding the date of the transaction.

~~Date:~~The ~~June~~operation ~~16,~~is consistent ~~2006~~with that provided for by current tax regulations. Shares assigned through the WSP will be locked up for three years.

3The date of assignment of the shares will be July 27, 2006.

RELAZIONI ESTERNE
INVESTOR RELATIONS
Filippo Vecchio
Dean Quinn
Tel: +39 011 555 7747
Tel: +39 011 555 2593
e: infomedia@sanpaoloimi.com
e: investor.relations@sanpaoloimi.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SANPAOLO IMI S.p.A.


	By:	/s/ James Ball
	Name:	James Ball
	Title:	Head of International Strategy, London Branch

Date: June 26, 2006

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