Italian banking consolidation action again

Article Abstract:

In Italy, the "domino effect" is used to describe that is happening to the banking sector. Sanpolo IMI reached an agreement to acquire Cardine in October. This moves Sanpolo IMI into second place in the Italian bank rankings. In November, Credit Suisse First Boston (CSFB) reported it views the acquisition as a value-neutral deal. However, the acquisition does have major implications for investors in other Italian banks, mostly Banca Nazionale del Lavoro (BNL). BNL had been trying to acquire Cardine. Now BNL is looking more like prey than a predator. The consolidation of the Italian banking industry is further discussed.

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UOB makes counterbid for OUB

Article Abstract:

Singapore's fourth largest bank, the Overseas Union Bank, agreed to accept United Overseas Bank's surprise bid of $5.49 a share. The deal will result in the biggest bank in the country if it goes ahead.

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UniCredito Italiano is a pioneer in the European asset management market

Article Abstract:

Banking company, UniCredito Italiano, has acquired the Pioneer group for $1.2 billion and it will be renamed Pioneer Global Asset Management.

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