July 1, 2019 / 5:40 AM / 5 months ago

UniCredit says it will stick to organic growth, mergers difficult

FILE PHOTO: The UniCredit-Banca di Roma bank headquarters is seen in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi/

MILAN (Reuters) - Italy’s biggest lender, UniCredit, will stick to organic growth in its new business plan, Chief Executive Jean Pierre Mustier said in an interview published in La Stampa newspaper on Monday, saying European mergers were difficult.

“I have always been clear,” he said when asked about speculation that UniCredit could merge with either France’s Societe Generale or Germany’s Commerzbank.

“Our plan is (built) on an organic basis, the management is concentrated on its execution. European mergers are very difficult and the new plan will be in line with the previous one, with the goal to create value for the shareholders.”

UniCredit is to unveil a new business plan late this year.

Reporting by Gianluca Semeraro; Editing by Mark Bendeich

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