A major contest is taking place among Italian banks, described by the newspapers as a "risiko"- after the strategy board game of conquest. After decades of numerous medium-sized institutions, the country is entering a period of mergers and acquisitions that will transform the whole industry. At the centre of the contest is Monte dei Paschi di Siena (MPS), the world's oldest bank, founded in 1472, rescued by the Italian state just a few years ago and now once again an attractive target. Two parties are competing for the title: Intesa Sanpaolo, Italy's largest banking group, which has made a €30.6 billion bid, and Banco BPM, the country's third-largest banking group, which proposed a merger of equals with MPS in June to create a new national champion. The game also has an international dimension: Crédit Agricole, a French bank, has boosted its position in Banco BPM to 29.3%, just below the threshold required for a complete takeover bid, making it a stakeholder that cannot be ignored. Meanwhile, UniCredit, Italy's second-largest bank, is playing the German game, with a potential 60% stake in Commerzbank, one of the country's major banks. Paradoxically, success in Frankfurt could reduce UniCredit's urgency to make further acquisitions in Italy. Not only are balance sheets at stake; the winner will have control over branch networks, customers, and Italian savings.