April 12, 2019 / 12:16 PM / 12 days ago

Italy's UBI Banca says open to M&A opportunities

FILE PHOTO: UBI Banca Popolare Commercio & Industria logo is seen in Milan, Italy, February 28, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italian lender UBI Banca would consider any merger opportunity provided it creates value and does not complicate group governance, Chief Executive Victor Massiah said on Friday.

Massiah, speaking at UBI’s annual meeting, made the comment when asked about speculation it might be interested in doing a deal with either state-controlled bank Monte dei Paschi di Siena or Banco BPM.

“We are open to studying any type of proposal provided it has two components: the creation of value and simple and effective governance,” he said.

Reporting by Andrea Mandala; Editing by Mark Bendeich

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