December 3, 2019 / 11:27 AM / 5 days ago

Italy's FinecoBank has not been contacted by Mediobanca over tie-up - CEO

MILAN, Dec 3 (Reuters) - The head of FinecoBank said on Tuesday the asset manager had not been contacted by Italian bank Mediobanca for a possible tie-up, denying recent press reports.

FinecoBank has been rumoured as a possible target for larger rivals ever since it became a public company after Italy’s biggest bank UniCredit sold its stake.

“Our focus is on organic growth. We don’t need to grow externally,” Chief Executive Alessandro Foti said on the sidelines of an event in Milan.

“Net inflows are growing an average of 6 billion euros per year which is the equivalent of a mid-size acquisition,” he said. (Reporting by Gianluca Semeraro, Editing by Stephen Jewkes)

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