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| Italian deal creates bank giant | |
| (about 3 hours later) | |
| Italian bank Unicredit has bought its smaller rival Capitalia, creating Europe's second-largest bank by stock market value. | |
| The all-share deal is worth 22bn euro ($29.7bn; £15bn), and keeps Capitalia in Italian hands. | |
| "The transaction is a unique opportunity to consolidate two leading banking groups in a key core market," said Capitalia boss Matteo Arpe. | |
| The combined bank will be worth more than 100bn euros. | |
| Under the plan, Unicredit boss Alessandro Profumo will remain chief executive of the enlarged group, which will retain the Unicredit name. | |
| The chief executive of Rome-based Capitalia, Matteo Arpe, resigned after the announcement. | The chief executive of Rome-based Capitalia, Matteo Arpe, resigned after the announcement. |
| The deal has been supported by the Italian government, with Prime Minister Romano Prodi calling it critical for the country's efforts to keep up with increasing globalisation. | The deal has been supported by the Italian government, with Prime Minister Romano Prodi calling it critical for the country's efforts to keep up with increasing globalisation. |
| The combined bank will have 9,200 branches worldwide, with more than 40 million customers |