C8027B - BANCA INTESA/SAN PAOLO IMI (INVESTIGATION TO BE BROADENED)
PRESS RELEASE
PRESS RELEASE
ANTITRUST AUTHORITY EXTENDS NON-COMPLIANCE PROCEEDING BEGUN IN MAY AGAINST INTESA SANPAOLO TO NEW AGREEMENT BETWEEN CRÉDIT AGRICOLE AND ASSICURAZIONI GENERALI
The Italian Competition Authority, at its meeting on 1 July 2009, decided to extend its non-compliance proceeding against Intesa Sanpaolo, begun on 14 May 2009, to cover the new agreement signed on 25 June 2009 between Crédit Agricole and Assicurazioni Generali.
In the view of the Antitrust Authority, the new three-year agreement, which takes effect immediately, does not comply with the requirement to guarantee the necessary independence between Crédit Agricole and Intesa SanPaolo and the third-party role stipulated for the French bank. The agreement aims to “set up and regulate commitments to prior consultation, with the goal of preserving and growing over time the value of their respective holdings in Intesa Sanpaolo” and to “define and implement a common position and/or line of conduct” regarding certain strategic matters. The aims of the agreement will also be pursued though the “members of the Supervisory Board and Management Committee of Intesa SanPaolo who are designated by one or the other of them”, who will be able to take part in meetings between Crédit Agricole and Generali and act in consequence in fulfilling their responsibilities.
Rome, 3 July 2009