The Chief Executive Officer (CEO) of Italy’s third largest bank BANCO BPM (CEO) has said that if the bank merges with Credit Agricole Italia, it will prove to be beneficial for both the economy and banking sector of the country.

According to CEO, the scenario of financial services in Italy is changing and competition is steadily increasing. In such a situation, large and strong banking groups will not only provide better services to customers, but will also strengthen the economic stability of the country.

He also said that in integration (MERGER), loan disbursement, investment and digital banking services can be extended fast. Also, new financial opportunities will be created for Italy’s businesses and consumers.

Financial analysts believe that if the deal proceeds, the balance in Italy’s banking market will change and the pressure on small banks may increase. However, this step will be beneficial for consumers in a long period as they will benefit from better rates and technical services.

This step can also stir in the European banking sector, as banks from other countries may also move towards strategic partnerships.