Italy's Banco BPM CEO rules out a merger with Monte Paschi (updated)
30/05/2024 06:39
(Adds CEO on possibility of raising guidance, banking sector
consolidation in Italy and Europe)
May 30 (Reuters) - Banco BPM BAMI.MI CEO Giuseppe
Castagna believes there are "no conditions today" to merge with
state-controlled bank Monte dei Paschi BMPS.MI , he said in an
interview published on Thursday with daily Il Sole 24 Ore.
Castagna also said his bank in late July will look at the
possibility of raising its guidance on profits and remains
determined to meet "and go beyond" its current financial
targets.
As for a wider consolidation of the Italian banking sector
through M&A, Castagna said it would not happen before 2026. The
process "is postponed by at least 18-24 months", he said, adding
Banco will focus on its stand-alone industrial plan to 2026.
M&A operations are "difficult" also in Europe due to the
lack of a shared vision on rules, Castagna said. "We might see
small add-on operations, but no transformative industrial
consolidations. It's not that time yet", he noted.
(Writing by Francesca Piscioneri, editing by Alvise Armellini)
((francesca.piscioneri@thomsonreuters.com; 0680307713;))