November 12, 2019 / 6:42 AM / 25 days ago

Italy's BPER CEO expects M&A among mid-tier banks to start in 2020 -media

MILAN, Nov 12 (Reuters) - Italy’s BPER Banca aims to play a leading role in a round of mergers expected to kick off next year among mid-tier lenders in the country, la Repubblica reported on Tuesday, citing Chief Executive Alessandro Vandelli.

“I believe 2020 will be the time to start tackling the issue of further industry consolidation,” Vandelli in an interview in the newspaper.

“Banks potentially affected are not many: Banco BPM, UBI, BPER and Monte dei Paschi. We’ve done a good job in terms of growth and bad loan clean-up so we believe we’re an important player in a consolidation process.”

Vandelli also said BPER was open to reducing its majority stake in asset manager ARCA to bring in a new investor and would start looking at options from the first quarter of 2020.

Reporting by Valentina Za; Editing by Christian Schmollinger

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