..and rivals join forces

Involved in the syndicate are Banco Sabadell, Barclays Capital, BNP Paribas, Fortis Bank, HSBC Bank, Santander and Société Générale Corporate & Investment Banking, although a total of 22 financial institutions participated in the operation.

After centuries of aggressive competition, Venice and Trieste have joined forces with the signing of an agreement intended to stimulate trade. The pact provides for co-operation on security and the environment, IT and training, together with market analysis and joint promotional activities. The ports have opted to work together due to mutual frustration with the sluggish pace of infrastructure development, as well as with the price of intermodal movements compared with competitors. Working as one they hope to achieve greater lobbying clout for the two. It is hoped that the issue of infrastructure deficiency will be addressed, enabling the northern Adriatic to be promoted as a single hub.