AGCM

The Antitrust Authority has given its go-ahead to the merger of Banco Popolare di Verona e Novara and Banca Popolare Italiana. The Italian Competition Authority, at its meeting on 29 March 2007, determined that the operation is unlikely to produce significant effects on competition in any of the markets involved. The two groups are present in separate provincial areas: consequently, the merger will not lead to geographic overlap, given the complementary nature of their retail networks. The Authority, considering that well-qualified competing banks are also present in the Provinces in question, decided not to open an investigation.

Rome, 30 March 2007