Italian antitrust starts probe on Intesa Sanpaolo pact.
Global Banking News - 15 May 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Italy's antitrust regulator has said that it will start an investigation into a consultation pact between Intesa Sanpaolo (ISP.MI) (OTCBB: ISNPY) shareholders Assicurazioni Generali SpA (G.MI) and Credit Agricole SA (4507.FR) (CAGR.PA), reports Dow Jones.
The Italian regulator said that the probe will focus on 2006 limits set by the antitrust authority for the French bank as part of the merger between Banca Intesa and Sanpaolo IMI, a deal which created Italian banking giant Intesa Sanpaolo.
In April, Generali and Credit Agricole, which together control about 11 percent of Intesa Sanpaolo, announced a consultation pact over governance and strategic issues related to the Italian bank. The regulator said that Credit Agricole held a 5.8 percent stake of Intesa Sanpaolo at the end of April while, based on a previous decision, it had to control a five percent of the Italian lender.
In a filing to the Italian stock exchange, Intesa Sanpaolo said that 'it has scrupulously respected its commitments to the authority...and is confident that the correctness of its behaviour will emerge under process.'
The bank has affirmed its full cooperation with the authority so that a positive outcome is reached as soon as possible. According to press reports, Intesa Sanpaolo may risk a fine of up to EUR500m if the Italian regulator finds that the pact did not comply with rules.
[Editorial queries for this story should be sent to email@example.com]
((Distributed via M2 Communications Ltd - http://www.m2.com))
|Printer friendly Cite/link Email Feedback|
|Publication:||Global Banking News (GBN)|
|Date:||May 15, 2009|
|Previous Article:||Western Alliance Bancorporation prices common stock offering.|
|Next Article:||African Development Bank to raise cap reserves to USD100bn.|