In connection with the far-reaching consolidation that took place, between 1995 and 2004 large productivity gains were achieved: total assets and value added per employee grew respectively by 4.6 and 2.4 per cent per year at constant prices See Focarelli, Panetta and Salleo (2002) “Why Do Banks Merge” Journal of Money, Credit, and Banking, v. 34, and Focarelli and Panetta (2003) “Are Mergers Beneficial to Consumers?
Evidence from the Market for Bank Deposits” American Economic Review, v. 93, 4. 21  Thanks to a public-private partnership, the Fondo Italiano di Investimento between 2012 and 2016 created two venture capital funds of funds that invested € million in venture capital private funds; the size of the Italian funds involved in these transactions is equal to € million.