27 August 2006

The new Intesa-Sanpaolo Group

The creation of the new Intesa-Sanpaolo bank is good news for our country. A great Italian banking institution is created and is in seventh position for capitalisation in Europe after Unicredit.

It is the best response to the dark period of Italian banking that led to the arrest of Fiorani of the Banca Popolare Italiana and the exit of Antonio Fazio from the Banca d’Italia. Two great banking institutions have the possibility of helping the industrial development of our country and to assist in our presence in foreign markets.

However, these positive expectations are accompanied by the wish that the Italian banking market adjusts as soon as possible to the European market for the conditions offered to companies and clients. Furthermore it would be appropriate that the banks limit their participation in industrial and publishing companies.

To protect themselves and their shareholders. However this is not what happened in many cases, starting from Parmalat.
A healthy banking system cannot allow itself to participate with substantial shareholdings in industrial companies that are often clients. Neither can it allow itself to influence public opinion through the ownership of shares in publishing companies.

Posted by Antonio Di Pietro in Economy