On 24 September, Deutsche Bank announced it it had bought a stake of 4.5% in Banca Commerciale Italiana (BCI) for L700billion ($420 million).
The drama intensified on September 29 when Luigi Fausti, BCI’s chairman was forced out at a board meeting. The chairman fell out with some of the bank’s largest shareholders notably Italy’s traditional banking power broker Mediobanca over the choice of merger partner for BCI. Fausti favoured a merger with the new Istituto San Paolo-IMI banking group.
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