The consolidation process that has been reshaping the Italian banking system for the last three years reached a climax on March 21, when four of the five top banks in the country announced their intentions to merge following hectic negotiations.
This is after a winter when the Italian banking sector appeared paralyzed by the exclusive merger talks between Banca di Roma and Banca Commerciale Italiana (BCI).
After three weeks of intense rumours, Unicredito Italiano proposed to BCI (they are respectively the third and the fifth largest bank in Italy) that they should swap their shares.
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