ROME (Reuters) - Italian banks must seek mergers to cut costs and boost profits, Economy Minister Roberto Gualtieri told a parliamentary hearing on Tuesday.
“Consolidation and improvements to (Italian banks’) efficiency and profitability must continue,” he said.
Italy’s fragmented banking sector is seen headed for a new round of consolidation among mid-tier lenders.
Gualtieri also said the government wanted to promote the creation of a bank of adequate size to support lending in southern Italy.
Reporting by Giuseppe Fonte, writing by Valentina Za