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Article: Turin trailblazer confounds critics. (privatization of Italian bank Istituto Bancario San Paolo di Torino)
- Article from:
- The Banker
- Article date:
- April 1, 1997
CopyrightCOPYRIGHT 1997 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Istituto Bancario San Paolo di Torino is seeking a share offering, reducing the public sector's share from 66-20%. The move is the first step on the road towards privatising Italy's banks
Those sceptics who believe privatising the Italian banking system will never get got much beyond fancy words and fine hopes will have the opportunity to revise their views next month. If everything goes according to plan, Istituto Bancario San Paolo di Torino, Italy's biggest bank measured on assets, will cease to be controlled by the public sector foundation that now has a 65.6% stake.
This month, the Turin bank and its advisers will be preparing a two-pronged operation that ...