Uneasy lies the industry leader amid the widening and accelerating merger-driven consolidation wave in Europe. In a recent example of how the combination of two key competitors can knock a traditional leader off its perch, two large Italian banks agreed to a union. Under the accord, Italy’s second-largest bank, Banca Intesa, is to acquire No. 4 Banca Commerciale Italia in a $15 billion stock swap. When completed the deal will catapult the combined bank, with assets of $290 billion, past San Paolo-IMI for first place in Italy and elevate its standing in Europe as a whole.
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