How did the wave of integration and acquisition in Italy began to collapse

By late spring, the banking scientist in Italy swept into a storm of complex acquisitions and floors that involve a group of major lenders in the country. After three months, only one high -level width remains standing.

I started with UnicreditJuly Resolution Disclose the “clouds” for 15 billion euros ($ 17.5 billion) to BPM Bank On the cusp of the natural expiration of the proposal, pointing to the departure of the conditions imposed by the Rome administration through the “Golden Power” examination rules. then, MediobancaThe shareholders this month Vote Offer the lender is approximately 7 billion euros for Panca GeneralThwarting what was widely seen as a defensive play against the supported state Monte de BaschiInterest (MPS) at at least 35 % of Mediobanca.

The deputies have not yet surrendered.

Monotheism is one of the resorting to critical lenders in Europe to collect their scope and compete with the most historically profitable banking giants in Wall Street. It has swept the appetite of M&A lenders of Europe At a time of significantly improved performance in the sectorWith restructuring programs, strengthening European defense, banking returns for investment are higher amid fluctuations led by customs tariffs and an increase in the broader integration and purchase deals in southern Europe that enhance the final lines.

In particular, the network of interlocking offers from many of the main lenders in Italy – with the leader of the package Intesa Sanpaolo Noticeably absent-depends on the long momentum in the classification in what Fitch described in April as a “more fragmented” banking system than in some other European countries.

“The banks can enable the banks to better support large companies’ investments, including those associated with the European and Italian defense sector initiatives,” The agency said at that time.

Italy’s economy has been a fertile land for banking growth recently. It “outperformed most of its peers in the eurozone in recent years, although the momentum may be reduced in the coming years as a paid investment boom (the next generation of the European Union) and the spending spending fades”, “Deutsche Bank analysts He said in the August reportHe will need to emphasize that the country will need a more consumption-based economy axis-facing the pressures received for the higher American definitions.

The International Monetary Fund, Italy, expects “further improvement in the safety of the banking sector in the July report – 0.5 % economic growth this yearOutperforming Germany expected 0.1 % expanded during the same period.

Italy banks have also placed scenes outside the country’s borders. The first play for Unicredit last year was to gradually acquire an artificial stake of approximately 28 % in the German lender Commerzbank. The Italian Bank has since transferred this to The contribution of 26 % of the shares In Commerzbank and I got the grace of the European Central Bank to enjoy up to 29.9 % – which sparked speculation about possible acquisition plans, which resisted Commerzbank and Berlin Administration.

The same unicredit On Thursday he said It raised her share in Greece Alpha Bank To nearly 26 %, after involving financial tools for an additional 5 % stake.

“What is happening is not just an Italian story – Italy has become an important case of the European Union to test how integration and purchasing operations in the European banking sector can develop,” said Stefano Cassele, Dean of CNBC.

The monotheism fever has already spread beyond Italy. In JulySpain Santander Bank He said he was buying BRISHISH High Street Bank TSB for 2.65 billion pounds from Sabadel. The Catalan lender himself was fighting from the progress of Spanish peers BbvaAnd that decided to keep the acquisition of the living despite the strict conditions of the Madrid government to survey the transaction.

The European Union has Challenge Spain During its interference in the BBVA show and found itself at the same time with Rome because of its use of the “golden forces” rules, which are usually protest against transactions that threaten national security, In the acquisition of unicredit. The European Commission also asked questions about the sale of the Italian government in November 15 % in the rescue deputies, where Rome maintains the contribution of 11.73 %. Italian Finance Minister Giancarlo Giogeiti defended “”Absolute“From the port of the class, separately The threat of resignation If the conditions imposed on Rome were canceled on Unicredit, which included a timetable for the lender to stop its activities in Russia and request to leave the Banco BPM loan unchanged for five years.

“The Italian Ministry of Finance’s intervention was the final nail of the coffin to try to take the third acquisition of Unicredit in Banco BPM,” Alloatti announced.

In the event of a MPS view, SDA BOCCONI School of Management Caseli argued that Rome “is simply spent as a shareholder.”

“On the one hand, we expect the state to intervene when the bank is in trouble. On the other hand, we want taxpayers to lose money, but ideally they see gains. At the same time, we want the state to play a neutral role.” “It is difficult to achieve all this in one go.”

“The Banking Union hopes to lead to closer integration in banking markets throughout Europe has not been fully achieved,” Claudia Boch, President of the European Central Bank supervisory board, He said in April. “The cross -border mergers have been relatively rare, as about 75 % of the banking portfolios in banks are invested in their home markets, and a few banks are really European business models.”

Tie Diminish The number of European Union banks since 2009, although approximately 4,752 is still working in the European Union as of June, with 418 in Italy, According to Statista.

And the lack of connections across the crossed borders that highlight some gears inside the mass.

“I am frustrated because I still see local integration with local logic, not a single -market integration,” Jose Manuel Campaba, President of the European Banking Authority Tell Politico earlier this week.