ITALY: Bancas

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In Italy things have a way of happening suddenly. At the beginning of last week there were the "big four" banks: Banca Nazionale di Credito, Credito Italiano, Banca di Roma, Banca Commerciale Italiana. Then one evening Italian businessmen picked up their evening papers, were startled to learn that the first two of these planned a merger, that directors would meet to ratify the terms within four days. Although the banks are said to have conceived of the idea all by themselves, admittedly "encouraging and advising" the merger was the Fascist Government which has promoted many an industrial consolidation.

After the merger operating economy will be attained by Credito Italiano undertaking all the regular commercial banking while Banca Nazionale will become a securities corporation, financing industrial undertaking. Although the means are unusual, the result will be the first introduction of U. S. banking structure to Italy. Vice president of each section will be Alberto Pirelli, onetime president of the International Chamber of Commerce and a prominent Italian utility tycoon.