As regards the authorization of acquisitions of controlling interests in banks, the obligation to notify plans to the Bank of Italy before they have been submitted to the board of directors will be abolished. Driven by the single currency and progressive regulatory harmonization, the integration of European banking markets derives additional momentum from developments in the competitive environment.
The growth of consumer credit and, more generally, of financial products for households contributes in this respect. Such products are becoming increasingly standardized in design and in the technology used, which encourages their large-scale distribution and enhances the value of existing distribution networks. Italy, where households have a low level of debt and still relatively undiversified financial assets, is an attractive market.