Brussels, 27/09/2005 (Agence Europe) - The Italian press on Tuesday reported that the Dutch bank, ABN Amro, and the Italian bank, Banca popolare italiana (BPI), have signed an agreement on taking over the Italian bank, Antonveneta. With the acquisition of 39.3% of Antonveneta held by BPI and other investors at the price of 26.5 euros per share (its initial offer was 25 euros per share), ABN Amro will thus control nearly 69% of Antonveneta capital and is expected to put in a bid on the remaining 31%.
In an interview granted on Tuesday with the daily, La Repubblica, Rijkman Groenink, President of the ABN Amro governing body, states he understands that “a country should want to keep major banks on its own territory”. “However, at the same time, it must be clear to the governor of the Bank of Italy, and to everyone else, that integration of industry and banks at European level is already underway and will continue in future”, he said, adding: “There is no point in putting a brake on this movement, counterproductive for national interests”. This was an allusion to Antonio Fazio, the current governor of the Bank of Italy, whose partial attitude had initially supported BPI and its allies in their attempt to take over Antonveneta. This attitude stirred up a crisis in Italy that is still unresolved, leading to the resignation of Domenico Siniscalco, Minister for the Economy (replaced by Tremonti), and the launching of a draft reform on the status of the Bank of Italy.
The European Commission will present to the Ecofin Council in November its report on the obstacles to cross-border mergers in the banking sector (see EUROPE 8926). Commissioned by the Ecofin Council of September 2004, the report focuses on the prudential rules that the national authorities may invoke to block the national bank being absorbed by a foreign bank. It could lead to review of the Directive 2000/12/EC on access to the activity of banks.