Italy has the most fragmented banking system in Europe with more than 700 banks, of which just 20 are listed. BNP Paribas' decision this month to buy Banca Nazionale del Lavoro has fuelled speculation about more consolidation.

After ABN Amro's success in acquiring Banca Antonveneta last year and the appointment of former Goldman Sachs banker Mario Draghi as governor of the Bank of Italy, observers believe the Italian banking sector is primed for mergers and many believe BNP Paribas' offer could start the changes.