Draghi sees more efficiencies from bank mergers

Mario Draghi, the governor of the Bank of Italy, says the market expects more further savings as banks in Italy consolidate. Speaking at the meeting of the Italian Banking Association in Rome on 11 July, Draghi said savings would come from unifying IT systems and integrating workforces.

With four bank mergers either approved or underway, the banking system in Italy is set for significant changes. The merger of UniCredit SpA with Capitalia SpA will create Europe's second-largest bank. "This is