The publication of the latest histories of Hannibal seems to have encouraged bankers from Spain, the Netherlands and possibly the UK to follow in the great Carthaginian leader's footsteps. Before you could ask when was the Battle of Cannae? – it was 216 BC – BBVA in Spain was chasing Banca Nazionale del Lavoro and the Dutch ABN Amro was offering to buy the shares in Banca Antonveneto it did not already own. Now there is speculation that Barclays in the UK also wants to throw its hat into the Italian ring.

Why the rush? Italian retail banking, despite being fragmented and largely inefficient, is extremely profitable. The Italians are renowned savers, they like to own their houses and are careful about running up excessive consumer debt. It is a rich, untapped market for foreign banks.