Countries in Europe's periphery have seen several significant bank M&A transactions so far in 2017.
Italy's Intesa Sanpaolo SpA in late June signed a deal to acquire certain assets of Banca Popolare di Vicenza SpA and Veneto Banca SpA for a symbolic amount of €1 after the European Central Bank had declared the two Venetian lenders were failing or likely to fail.
In Portugal, Lone Star Funds is acquiring a 75% stake in Novo Banco SA in exchange for a €1 billion capital injection into the lender.
Perhaps most notably, Spain's Banco Santander SA took over Banco Popular Español SA in June for a symbolic €1. Banco Popular saw its shares and Additional Tier 1 bonds wiped out as part of the deal, which marked the first test of the EU's banking resolution rules.