January 12, 2019 / 12:42 PM / 5 months ago

Banco BPM CEO rules out tie-ups at present given market uncertainty - Il Messaggero

MILAN, Jan 12 (Reuters) - Banco BPM rules out any tie-ups for the moment given uncertain market conditions, CEO Giuseppe Castagna said on Saturday when asked about the bank’s interest in rivals Carige, UBI Banca or Monte dei Paschi.

“The macro-economic uncertainty and the situation in the banking sector are such that make us exclude any further tie-ups for the moment, even though we believe there is still space for further consolidation in the sector in future,” Castagna told Il Messaggero daily in an interview.

Banco BPM, which is Italy’s third largest bank and created in 2017 from the merger of Popolare di Milano and Banco Popolare, could not immediately be reached for comment.

Reporting by Agnieszka Flak; Editing by Kirsten Donovan

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