By Reuters Staff
2 Min Read
MILANO, Feb 9 (Reuters) - Banco BPM is studying what the best fit would be for Italy’s third-largest bank in a possible merger, its chief executive said on Tuesday, adding a tie-up remained a key objective.
Despite a reduction in the number of lenders in recent years, Italy’s banking industry continues to be fragmented and last year’s unsolicited takeover by Intesa Sanpaolo of rival UBI has increased competitive pressure.
Consolidation is expected to accelerate further this year, helped by tax incentives for mergers taking place in 2021.
Speaking to analysts after presenting full-year results Banco BPM CEO Giuseppe Castagna reiterated the lender was “open” to seeking a possible merger accord.