Arbitration should give its opinion in October

And now, with the tour The fusion just announced between Banca Intesa and Sanpaolo IMI does not fail to revive speculation about future movements of consolidation in the peninsula. First covered by rumours, the two banks that appear in some respects as this marriage overlooked: the Roman Capitalia and the Tuscany Monte dei Paschi di Siena (MPS).

The first, which transferred 0.72 yesterday on the stock market, had been approached by Banca Intesa in February, but the absence of its Chairman, Cesare Geronzi, for legal reasons, added to the reluctance of Matteo Arpe, the Chief Executive Officer, followed by large shareholders, correct the project. As Monte Paschi, Enrico Salza, the Chairman of Sanpaolo IMI, revealed yesterday in the newspaper "La repubblica" that it had conducted discussions with its establishment. Procrastination eventually there also tire the Turin Bank: "beginning of August, I asked an exclusive commitment letter," says Enrico Salza." They said no. "The mass was said. Sanpaolo IMI turned to Banca Intesa. Known thereafter.

A reconciliation between Capitalia and MPS, two banks of the Italy centre, is not impossible to do during the new giant of the North. But MPS, controlled 58 by a Foundation, may also wish to continue its own way, as the constantly proclaims its President, Giusseppe Mussari. As his Vice President, Gabriello Mancini, MPS, taking 0.15 on the stock market, is not exposed to a hostile offer, reported Sunday the daily "Il Sole 24 Ore".

Some observers do not exclude a new coup Alessandro Profumo, the pattern of UniCredit. With its acquisition of HVB German, it could strengthen its domestic market by putting his hands on Capitalia, worth a little more than a quarter of his group. There will be probably more clear once whether or not, ABN AMRO, 7.7 of the Roman bank shareholder, will be exercised its option to sell his participation before October. The Dutch group may no longer wish to remain, since it now controls Antonveneta.

Popular banks as

Otherwise very yesterday surrounded in Milan, the savings bank of Florence (Carifirenze), who won more than 3.68. Its capital seems called for move, knowing that its shareholders are the foundations (49) but also Sanpaolo IMI (19)... But the Turin Group, who wanted to ride in the capital of Carifirenze, is in conflict with the foundation of the savings bank of Florence on the exercise of an option that should be allowed to move to 30 in the florentine institution. Arbitration should give its opinion in October.

Speculation will therefore go good train here, as the foundation of the Florence savings bank proved favorable to a rapprochement with BNP Paribas, 7 of Carifirenze shareholder. The French Bank is anxious to preserve its interests in their joint subsidiary in the consumer, Findomestic credit.

Last great movement in Italy, one hired by the popular banks. Many of them are in talks with a view to a reconciliation. Banco Popolare Italia (ex - di Lodi) is currently studying the proposals of popular banks of Verona-Novara, the largest of Italy, Milan, Emilia-Romagna and BPU Banca, for an alliance. A Board of Directors to be held Thursday at the headquarters of BPI that could decide the future of the Bank.