The Italian Competition Authority clears a large banking merger, subject to structural remedies (Intesa Sanpaolo / Cassa di Risparmio di Firenze)

On 17 January 2008 the Italian Competition Authority (ICA) has conditionally authorised a concentration between two large Italian banking groups by requiring them to divest a number of branches and their stake in Agos, a consumer credit operator. The merging parties The merging parties are Intesa Sanpaolo (ISP), a major banking group with more than 5,000 branches, and Cassa di Risparmio di Firenze (CRF), which has about 500 branches. The concentration is to be executed through shares exchange between ISP and CRF shareholders. Following the consummation of the concentration, ISP will acquire 58% of shares in CRF and have the power to appoint the majority of the members of the board of directors and of the executive committee of CRF. So, ISP will gain the sole control of CRF. The

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Michele Giannino, The Italian Competition Authority clears a large banking merger, subject to structural remedies (Intesa Sanpaolo / Cassa di Risparmio di Firenze), 17 January 2008, e-Competitions January 2008, Art. N° 16286

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