Banks/Banking in Italy
Banks in Italy are different in comparison to the US Banks. The banks here are more formal and personal than the US Banks. However, commercial banking has representatives to speak English in the foreign exchange departments. Business banking can be set through US financial institutions owning Italian banks.
Conversely, the consulates in Italy and the US Embassy offer enough information on Italian finance and banks, imports and exports, and all other economic relations areas.
The central bank of Italy is the main that regulates Banking in Italy. However, the US financial companies own some Italy banks. Conversely, the electronic oriented banks are located in Turin, Milan and Lazio. The US citizens find corporate banking easier in Italy. The bank functions independently and autonomously in compliance with the provisions of Italian and community law.
Functions of Banks
Banks in Italy offer good rates of exchange and the easiest method of transaction is best done by debit or credit cards.
ATMs are found throughout Italy and all major cards can be used even for hotel payment, petrol stations, restaurants and shops paying a 1.5% fee. Similar to other countries, loans to customers were offered by co-operative banks. Co-operative credit banks comprise to be the largest number of banks over 500, but account for a small percentage of total deposits.
The top banks in Italy have nationwide branch networks namely, the Banca Nazionale del Lavoro, Banca di Roma, Banca Commerciale Italiana, Cassa di Risparmio and Banco di Sicilia. The major ten banks hold 35% of bank assets. The Bank of Italy, being the central bank has the right to exercise credit control functions and La Banca d’Italia is responsible for controlling balance of payments and domestic inflation. The post office is the main savings bank for foreign and Italian residents.
Banks in Italy include many international banks having branches in Italy. The Chase, Bank of America, Citibank and HSBC are the most important international banks. A new law in 1993 was passed making banking in Italy compliant with EU’S and to move towards universal banking. Banks here allow to hold shares of industrial concerns and also to eliminate the difference between banks, thereby allowing all the banks to perform operations comfortably.