September 30, 2019 / 11:44 AM / 22 days ago

Banco BPM CEO: No M&A plans for now, tie-up with UBI would make sense

MILAN, Sept 30 (Reuters) - Italian mid-sized lender Banco BPM has no merger plans for now but a tie-up with rival UBI Banca would make sense, the bank’s chief executive, Giuseppe Castagna, said on Monday.

Castagna said his bank’s choice of possible merger partners would be based in Italy’s north, so a tie-up with UBI, which has a strong presence in Lombardy, would tick that box. “It’s obvious that it is a deal that would make sense,” he said.

Asked about a possible tie-up with state-owned Monte dei Paschi di Siena, he said: “I think the government is working on (M&A options), and within the bank the management and the board are also working. It’s not clear what the time-frame is, so let’s leave them to work and then clearly we can talk about it.” (Reporting by Andrea Mandala, writing by Silvia Aloisi)

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