Italian banks are trading well below their stated book values according to a recent article. However, it is more likely that the book values are inflated. This analysis provides an overview of the current state of Italian banks.

1. Italian Banks under Fire
An article in the Corriere della Sera today suggested
that the stock exchange listed companies are trading
way under asset value. The more plausible version is
that book value is overstated. You can choose which
version you like, this is our picture of Italian banks.
20/08/2011

2. Italian Banks: Current M&A Status
Performer Management Acquisition
Acquirer No action Change Target Distressed
Banca Generali Banca Interm obiliare di Investim enti e Gestioni Banca Popolare di Sondrio Banca Finnat Euram erica Banca Popolare dell Etruria e del Lazio
Banca Profilo Banca Ifis Banca Monte dei Paschi di Siena Banca Popolare di Milano
Credito Bergam asco Banca Popolare Di Spoleto Banco Popolare
Banca Carige Unione di Banche Italiane
Banca Popolare dell Em ilia Rom agna
Banca Piccolo Credito Valtellinese
Credito Artigiano
Credito Em iliano
UniCredit
Intesa Sanpaolo
Mediobanca
Banco di Desio e della Brianza
20/08/2011

3. Trond Johannessen
Director
Phimark BV
+31 620 59 1015
trond@phimark.com
20/08/2011