This time last year ABN Amro and BNP Paribas were still in the process of executing their Italian takeovers, which dramatically upset the cosy lives of Italy’s banks. Previously these had lived quiet prosperous lives under the shelter of protectionist-minded politicians.
Those deals followed on the heels of UniCredit’s acquisition of HVB, which catapulted the Italian bank into the top the big league of European banking. Intesa and Sanpaolo IMI’s merger, which is almost certain to go ahead, will put the merged entity in the same league as UniCredit in terms of size, although the two groups will have very different businesess.
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