A group of Italian investors in Banca Nazionale del Lavoro tried on Monday to block Spain's BBVA from buying out Italy's number six bank in what would be the country's first foreign bank take-over. The property developers, who own 24 percent of BNL, criticised the financial performance of BNL with BBVA as its top shareholder and also said in a statement they were "puzzled" by the Spanish bank's possible 6.5 billion-euro ($8.7 billion) bid.
BBVA and Dutch bank ABN Amro on Friday challenged Italy over its restrictions on foreign take-overs in the country's fragmented banking sector, saying they might launch take-over bids for BNL and Banca Antonveneta.
BBVA and ABN are the top investors in BNL and Antonveneta with stakes of nearly 15 and 13 percent respectively.
But, held back from buying more shares by the Bank of Italy's limitations on foreign banks, they have been unable to fend off Italian investors from making moves on their interests.
Italy's banking sector is attractive as an underdeveloped market where domestic consolidation is expected in coming years, and where bank account fees are among the highest in Europe.
But the government is mindful of how Italian banks often provide critical support to leading industrial companies like Fiat and has so far shown no sign of breaking with the Bank of Italy's policy of keeping foreigners on a short leash.
One of the Rome property developers, Stefano Ricucci who owns 5 percent of BNL, said he favoured "an Italian solution".
Banca Monte dei Paschi di Siena (BMPS), Italy's No 5 bank, has emerged as a potential Italian white knight, saying on Sunday it was keeping its options open as it keeps in mind "the needs of the country and the market". In further statements, the Siena bank stressed it had taken no decision over BNL of which it owns 4.4 percent.
BMPS recently said it would not resume merger talks with its smaller rival from Rome.