In 1989 Cassa di Risparmio delle Provincie Lombarde (CARIPLO) reached an agreement with Banco de Santander to swap stakes, with the Spanish bank acquiring a 30% share in Istituto Bancario Italiano (IBI) and the Italian one an equal share in Banco Jover, a Barcelona-based bank with 95 branches throughout Spain.
The union between the two institutions was short-lived; the agreement was dissolved in 1990 and CARIPLO's stake was later acquired by Crédit Lyonnais.