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Intesa, Saopaolo Merger of $77 B (Update 5)
Aug 26, 3:24 PM EDT |
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| After weeks of merger talks, two mid-sized Italian banks have agreed to merge and create a new number one retail bank in Italy. |
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| Banca Intesa and Saopaolo IMI have agreed to merge creating the largest Italian bank with $700 billion in assets and 7,700 branches. The current number one, Unicredit has $300 billion in assets. The combined bank is likely to cut costs by laying-off people and investing in information system. Italian banking industry is likely to see more local mergers in the coming years to prevent other smaller rivals from being gobbled up by foreign banks. |
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