Bank Industry Risk Analysis: Italian Banking Undergoes Another Wave Of Consolidation Mar 07

Standard & Poors, March 2007

Abstract
Widely diversified, stable Italian economy, part of the EMU High banking intermediation Strong local franchises Solid financial profiles, underpinned by good growth prospects in the retail market Economic growth persistently lower than EU average, with deteriorating competitiveness of small and midsize enterprises Credit risk structurally higher than the European average A still-fragmented banking market with wide disparities in individual banks' risk management practices In a global context, Standard & Poor's Rating Services considers the banking industry of the Republic of Italy (A+/Stable/A-1+) to be low risk. We rank the Italian banking industry in group 2 of our global Banking Industry Country Risk Assessment framework (BICRA; out of 10, 1 is the strongest). This reflects the benefits of operating in one...

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Credit Agricole S.A.
- The Royal Bank of Scotland N.V.
- Banca Nazionale del Lavoro SpA (former)
- BNP Paribas
- Banque Internationale a Luxembourg
- UniCredit SpA
- Banca Monte dei Paschi di Siena SpA
- Dexia Credit Local
- Dexia Crediop SpA
- Capitalia SpA
- Intesa Sanpaolo SpA
- Banca Popolare dell'Emilia Romagna S.C.
- Banca Popolare di Milano SCRL
- Veneto Banca SCPA
- Mediobanca SpA
- Belfius Bank SA/NV
- Iccrea Banca SpA
- Banca Popolare di Intra SCPA
- Banca Lombarda SpA
- Credito Emiliano SpA
- Poste Italiane Group
- Banco Popolare di Verona e Novara SCRL
- Cassa Depositi e Prestiti SpA
- Banca Mediocredito del Friuli-Venezia Giulia SpA
- Istituto per il Credito Sportivo
- Unione di Banche Italiane Scpa
- Banca Popolare Italiana Societa Cooperativa
- Ukrsotsbank OJSC
- Eurofidi Scpa

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