This is a very important acquisition for ABN because they struggle with growth and, though Italy is not a high-growth market like in Eastern Europe, there is more potential than in the Netherlands and most other countries where ABN is present.

From a strategic point of view it's a good deal. The reason I don't say a very good deal is because 26.50 is a full price.

Both the bank and the insurance results seem to be lower than expected. Although it might be that the 200 million euro charge for management overhaul is included in the division.