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Kerching cleaning

28 March 2014 By Dominic Elliott

Italy’s largest retail bank is taking a massive 6.8 bln euro goodwill hit on the half-dozen mergers that created it. With a new bad bank, that prepares it for the ECB’s stress tests. But the pledge of 10 bln euros in cash payouts is the best sign Intesa is out of convalescence.

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