MILAN (Thomson Financial) - The Italian antitrust agency said it has cleared
Banca Monte dei Paschi di Siena SpA's 9 billion euro takeover of Banca
Antonveneta from Banco Santander on the condition that the banking group sells
110 to 125 branches.
The merged group will be Italy's third largest with about 3,000 branches and
more than 6 million clients.
BMPS previously said that it expected to sell around 125 branches as part of
its acquisition of Antonveneta, adding that the merger will generate synergies
of around 732 million euros -- 256 million from enhanced revenues and 476
million euros from lesser costs.
The antitrust authority said that the group will have to sell branches in 14
Italian provinces, including all the Tuscan ones.
The regulator also asked BMPS to put an end to a life insurance joint
venture with Unipol SpA and to sell its 13 percent stake in Finsoe, a holding
company that controls Unipol.
The bank will not be allowed to renew a bancassurance deal between Banca
Antonveneta and Allianz AG, which expires on July 31, 2009, it added.
The regulator also barred BMPS from having on its board members that are
also directors of competing banks.
philip.webster@thomsonreuters.com
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