The Italian Competition Authority referred for further investigation a transaction between Intesa Sanpaolo S.p.A. and UBI Banca – Unione di Banche Italiane S.p.A. in the markets for (i) bank collection, (ii) loans (to consumers, to household, medium and large enterprises and to public authorities), (iii) administered savings, (iv) managed savings (management of mutual funds, individual asset management (GPM) and fund management (GPF), management of supplementary pension products), (v) consumer credit (Direct and Finalized), (vi) factoring, (vii) leasing, (viii) payment services (card issuing, retailer agreement and processing for credit and debit cards respectively), (ix) investment banking (corporate finance, primary capital market advice, structured finance, project finance) and (x) life and non-life insurance (production and distribution phase).