Finance News

Italian banks created the largest bank in eurozone

Italian banks (Unicredit and Capitalia) on Monday officially created the eurozone's largest bank through the approval of their friendly merger, Italian media reported.

The two banks obtained the green light from their respective shareholders at general assemblies in Genoa for Unicredit and in Rome for Capitalia.

Unicredit, Italy's largest banking group, offered 1.12 of its own shares for every Capitalia share in the takeover, which will be operational in October.

Unicredit, the new bank will become the second-largest in Europe after HSBC, which is not a member of the eurozone, and the world's number six.

Source: Financial News
Date: 31.07.2007 [ID: 63]

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