" Sanpaolo has announced they are looking at bank consolidation in Italy but not a tie - up with rival banks , as we noted last week . Last week financial daily Il Sole 24 Ore said an investment bank had pitched the idea of a merger between Italy’s top two banks with the possible involvement of Banca Monte dei Paschi di Siena. " When the conditions are right we will certainly assess external growth but in this regard , tying up with or buying Italian banks makes no sense " , said Intesa Group 's Chairman , Francesco Bazoli .
" Sanpaolo has announced they are looking at bank consolidation in Italy but not a tie - up with rival banks , as we noted last week . " When the conditions are right we will certainly assess external growth but in this regard , tying up with or buying Italian banks makes no sense " , said Intesa Group 's Chairman , Francesco Bazoli .