AGCM

PRESS RELEASE

INTESA SANPAOLO: ANTITRUST AUTHORITY LAUNCHES INQUIRY INTO 51% PURCHASE OF BANCA MONTE PARMA

To determine whether a dominant position that could eliminate or dampen competition in the provincial markets of Parma and Piacenza would be created, especially in light of Credit Agricole's presence in these zones.

The Autorità Garante della Concorrenza e del Mercato decided today to launch an investigation into Intesa Sanpaolo's purchase of a 51% (or greater) interest in Banca Monte Parma. The objective of the proceeding is to determine whether this transaction results in the establishment or reinforcement of a dominant position in the provincial markets of Parma and Piacenza (for bank deposits and savings, investing and the distribution of asset management and life insurance products) that could eliminate or reduce competition in substantial and enduring ways.

In addition to the direct consequences of concentration, the Antitrust Authority evaluation will also consider a peculiar characteristic of this particular competitive context - the top operator in the provinces of Parma and Piacenza happens to be Cariparma-Friuladria.  This group is a subsidiary of Crédit Agricole, which cannot be considered an outright 'competitor' due to its shareholder and personal ties with the Intesa Sanpaolo group.

The proceedings shall be concluded within 60 work days (not including the 30 days for the obligatory ISVAP assessment).

Rome - January 19, 2011