The merger between the Italo Romena bank and Veneto Banca, both institutions being under the aegis of the Veneto Banca group, was approved by both banks’ administrative boards and the approval of the Bank of Italy is awaited, Paolo Mariani, general director of the Italo Romena Bank, stated recently in an interview for Bursa daily. The bankers have already sent a communiqué in this sense to the National Bank of Romania too. The merger should be finalized by the end of this year. “Through this merger the desire is to simplify and render efficient the institution’s activity, improving the processes of approval and control. Also expected is a significant lowering of costs,” Paolo Marini explained, capital.ro informs. The Bucharest branch of the Italian bank, which has in Romania a network made up of 22 branches, will become Veneto Banca’s Territorial Directorate in Romania following the merger. This move comes against the backdrop in which Portugal’s Millennium BCP bank will leave Romania by selling its Millennium Bank subsidiary which has a market share of less than 1 per cent, the decision being part of the restructuring measures convened with the representatives of the European Commission.