The complexity of Italian bankingSituation update on MPS makes the picture even more complex and brings back the debate on control of savings, role of foreign investors and protection of strategic assets. Before entering into this matter, I believe it's necessary to start from a fact: the defensive strategy implemented by Monte dei Paschi has led to an operation much more complicated than others that could guarantee greater linearity and simplicity of execution. It is precisely this complexity that must make us reflect.

When defending a certain balance, we build operations that intertwine banks, insurance companies, partnerships, and hundreds of billions of managed savings and investments, cannot limit ourselves to evaluating who will win today's financial game. We must ask ourselves which asset structure are we building for Italy's future financial system and for investment financing of businesses. Italian Banking Risk Has Reached a Point Where We Can No Longer Limit Ourselves to Watching Who Buys What, Which Operation Will Guarantee Some Billions in Synergy.

The question now is: who will control tomorrow's Italian savings? Operations currently redesigning balances around Monte dei Pasqui, Banco BPM, Generali, and Banca Generali have a scope that goes far beyond normal banking aggregation. The current situation of Italian banking makes the picture even more complex and brings back the debate on control of savings, role of foreign investors and protection of strategic assets.

President of Unipol Carlo Cimbri reassures about the industrial project that sees the insurance company alongside Intesa Sanpaolo, which launched an Opas on Mps. Offer made last June by Intesa Sanpaolo indeed involved the separation and transfer of approximately 635 filials of Mps to favor Bper Bank (participated by Unipol), creating the third bank pole Italian. The message was clear: no breakup.

And it was directed at all markets, policies - national and local - management. Objective of operation regarding Unipol was