And UniCredito Italiano is likely to have its own ideas on Mediobanca's future.

ECONOMIST: Italian banking

These two banks, with UniCredito Italiano, own 25% of Mediobanca, but, in an odd inversion of roles, it is the investment bank that has usually pulled the strings.

ECONOMIST: Italian banking

Only a few months ago, Mr Grande Stevens took up yet another directorship, at UniCredito Italiano, a bank, where he acted as peacemaker after a shareholder row at the beginning of this year.

ECONOMIST: The law and the profits

The big three (IntesaBci, UniCredito Italiano and Sanpaolo Imi), all of them hugely increased in size thanks to mergers and acquisitions in recent years, have begun to post large increases in their return on equity.

ECONOMIST: A survey of Italy

Earlier in April Credito Italiano, another retail bank, and Unicredito, a trinity of savings banks, announced that they will join forces.

ECONOMIST: Italian banking