By Paul Ames, Associated Press Writer
European Union regulators on Thursday cleared Dutch bank ABN Amro’s proposed takeover of Italy’s Banca Antonveneta SpA as well as a bid from Spain’s Banco Bilbao Vizcaya Argentaria SA for Italy’s Banca Nazionale del Lavoro SpA.
The move adds pressure on Italy to open up its highly fragmented banking sector to foreign banks. The European Commission has already written to Italian central bank governor Antonio Fazio expressing concern about apparent efforts to prevent foreign takeovers.
In a statement, the EU’s Competition Commissioner Neelie Kroes welcomed the two crossborder deals as a sign of increased consolidation in Europe’s banking sector.
“The proposed operations are a positive sign of movement towards a more integrated internal market for financial services,” she said.
For this complete story, please visit EU Approves Takeover of Two Italian Banks.
