Bank puzzle

5 October 2004

The sector has to consolidate before crossborder M&A kicks off. Moreover, Italian banks are done restructuring and shares have recovered. But as ever in Italy the evidence points two ways. Sorting out the bank puzzle remains a pretty hard task.

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Antonveneta is a possible prey for Capitalia, according to Italian press reports. There are no talks at present, according to a person familiar with the Roman bank. The Venetian bank's shareholder agreement, which includes the Benetton family with a 5% stake, and ABN Amro with a 12.7% stake, will expire in March 2005. ABN Amro also owns a stake in Capitalia.

A group of shareholders in BNL have formed a second shareholders' agreement and plan to push for board seats. They are thought to be interested in a merger with BNL's rival Monte Paschi di Siena.

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