Shares in Banca Lombarda, which reported having approximately 1.4 million customers at the end of 2005, rose sharply on the takeover speculation, which itself is fueled by an increase in trading of shares in the company.
Italy’s banking sector appears to be currently in a period of consolidation after Banca Intesa and Sanpaolo IMI, two of the country’s top three banks, announced at the end of August that they are to merge.
The Banca Lombarda Group, based in the city of Brescia, consists of seven banks and numerous other companies. It was formed in 1998 from the aggregation of Credito Agrario Bresciano and Banca San Paolo, two historical Brescia banks with deep roots in the local economy and community.
