Moving piece

9 October 2003

To be sure, the E3.5bn Paduabased bank is one of the looser pieces in the Italian bank consolidation puzzle. But it is hard to see its shareholders agreeing on a sale right now. And if they don t, the bank looks pretty richly valued.

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Banca Antoniana Popolare Veneta, a Paduabased bank, has been the subject of merger rumours. Rival Italian banks Capitalia, Monte dei Paschi di Siena and Banca Popolare di Lodi have all been cited as potential partners.

The E3.5bn bank is governed by a shareholders agreement which accounts for just under 30% of the capital. Pact members include ABN Amro, which owns 12.3%, a group of Italian industrialists which includes financier Emilio Gnutti with 10%, the Benetton family with 4.8% and insurer Lloyd Adriatico with 2.7%.

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