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4 months ago
UBI CEO says Italian banking M&A not over, lender is an aggregator-Euromoney
March 23, 2017 / 4:49 PM / 4 months ago

UBI CEO says Italian banking M&A not over, lender is an aggregator-Euromoney

1 Min Read

MILAN, March 23 (Reuters) - UBI Banca's chief executive, Victor Massiah, says in interview published on the Euromoney website (bit.ly/2mYAFXI):

* Says further banking mergers in Italy are "inevitable" and UBI sees itself as an aggregator

* "With the still-difficult environment, economies of scale will be very important. Compliance and technology costs continue to be key."

* Says it will be hard for UBI to buy Monte dei Paschi once the Tuscan bank turns itself around, as its market capitalisation would then be too big

* UBI expects to complete within 18 months the integration of three small lenders that UBI agreed to buy for 1 euro after they were rescued from bankruptcy in November 2015. The bank could look at other deals within that period (Reporting by Valentina Za; Editing by Greg Mahlich)

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