Oops of Unicredit on Banco Bpm, Brussels asks for clarification on the Golden Power | EUROtoday

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Italian financial institution consolidation finds a financial institution in Europe. The European Commission has requested the Italian authorities on the air flow attainable use of the ‘Golden Power’ to cease some financial institution acquisitions.

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The European intervention was confirmed by the spokesman for the EU government Olof Gill, replying, in Brussels, concerning the rumors, revealed in current days by the Libero newspaper, on a letter from the DG FISMA in regards to the attainable use of the Golden Power to cease Unicredit’s Oops on Banco Bpm. “We can confirm – he says – that the Commission has requested the Italian authorities more information on the possible application of the so -called Golden Power legislation. This concerns bank acquisitions that could take place in Italy. This procedure is called EU Pilot: we have applied the EU Pilot dialogue to the Commission every time we consider it useful to have an informal discussion in a more structured way with the Member States on potential issues relating to compliance with EU law “. Gill has not specified whether or not the letter additionally considerations different M&A operations within the banking sector in progress in Italy.” We do not provide details on the communications between the Commission and the Member States. We do not enter further details, also for reasons of confidentiality ».