Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 11, 2008 5:26:09 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Rome Deal Creates World's 5th-Largest Bank

Posted May 21, 07 5:23 AM CDT in Business 

(Newser) – Italian lenders UniCredit and Capitalia yesterday inked a $29.7 billion deal to create a bank with the world's fifth (and Europe's second) largest market cap. The hurried Rome merger indicates, according to the Wall Street Journal, a rush to consolidate Europe's banking sector, but also the persistent challenges to cross-border deals within the EU.

Capitalia resisted proposals from banks in Spain and Holland, while UniCredit abandoned negotiations with France's Société Générale because of political opposition across the Alps. "We are still trying to create a common European market," a senior UniCredit executive conceded. "Cross border deals are always difficult."

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Europe Scrambles to Save Banks

    Oct 6, 08 6:31 AM CDT
    Europe Scrambles to Save Banks Barely a day after rejecting the need for a massive unified rescue plan, European leaders are wading into two substantial bailouts and vowing to save banks, Bloomberg reports. France’s BNP Paribas will take over Fortis in Belgium and Luxembourg, while Germany’s government and banks bail out Hypo Real Estate with a $68 billion rescue package. Meanwhile, Alistair Darling says the UK will do whatever is necessary to aid its banks.
    More »

  • Europe Agrees to Take It One Financial Crisis at a Time

    Oct 5, 08 10:53 AM CDT
    Europe Agrees to Take It One Financial Crisis at a Time Leaders of Europe’s four biggest economies did not settle on a unified plan for tackling the financial crisis, the Washington Post reports. Instead, each country will deal with banking problems as they crop up. While France’s Nicolas Sarkozy hoped for a Europe-wide plan, British and German leaders were opposed to a single safety-net fund.
    More »

  • US Takes Early Ryder Lead

    Sep 19, 08 1:32 PM CDT
    US Takes Early Ryder Lead For the first time since 1991, American golfers lead the Ryder Cup at the end of the opening session. The US is up 3-1 on the Europeans after the morning matches. Justin Leonard and Hunter Mahan claimed the first point for the US, Phil Mickelson and Anthony Kim rallied to halve their match, and a European three-putt at No. 18 handed another win to Stewart Cink and Chad Campbell at Valhalla Golf Club in Kentucky. More »

  • Italians Protest English Words

    Sep 10, 08 2:29 PM CDT
    Italians Protest English Words One cultural institution is not "OK" with Italians speaking Anglitaliano, the BBC reports. "Weekend" and "OK" topped a list of least-favorite foreign words among visitors to the Dante Alighieri Society website. It shows Italians want more respect for their language, the group says. More »

  • EU Won't Put Ukraine on Membership Fast Track

    Sep 9, 08 3:30 PM CDT
    EU Won't Put Ukraine on Membership Fast Track Ukraine’s president left a summit with European Union leaders today without a firm promise of EU membership, the Guardian reports. While French President Nicolas Sarkozy offered Victor Yushchenko an “association agreement” and affirmed Europe’s commitment to Ukraine’s territorial rights, dissent from Germany, Italy and the Netherlands prevented those in favor from acting further. More »

int statement. (AP Photo/Plinio Lepri)   (Associated Press)
« Prev« Prev | Next »Next » Slideshow

Threads (
1
 of 5)

Tags

European Union  • Italy  • Europe  • merger  • banking


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Home Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »