The increase in branch offices is more likely to be a consequence of the lifting of regional restrictions than of privatization. All large banking groups have shown a tendency to ex- pand nationally, and even smaller banks have expanded into new geographical areas. This development was not limited to privatized banks, but included other banks, although the expansion of the latter lagged behind that of the privatized banks (Deutsche Bank 2004b: 16). In 2000, more than half of the banking groups’ branch offices belonged to banks that are present in more than 50 of the 103 provinces, and this share has increased in recent years (Banca d’Italia,.
