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The Italian banking system faces complex challenges as it restructures in preparation for complete or partial privatization. A recent report by US credit-rating agency Standard & Poor’s (S&P) points to profitability and capitalization problems that partly result from much of the industry being directly or indirectly state-controlled and partly from fragmentation. It notes that although there has been economic recovery in the past two years, Italy’s banks are still dogged by the low profitability that emerged at the beginning of the decade because of recession and deteriorating asset quality. |
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