Two of Italy's largest co-operative banks have agreed to team up to create the country's number three retail lender in a $10 billion deal.
The deal, which still needs shareholders' approval, comes on the heels of a planned $88 billion merger between top players Banca Intesa and Sanpaolo IMI and is likely to trigger still more link-ups among Italian co-operative lenders.
The deal will create Italy's third-largest retail bank with just over 2,180 branches and a market share of 6.7 per cent.
