MILAN, Dec. 9 (Reuters) – UniCredit CRDI.MI, Italy’s second-largest bank, could consider a merger with its competitor BPER EMII.MI under the leadership of a new chief executive, an Italian daily read on Monday, specifying that the idea was studied by a major investment bank and former UniCredit executives.
According to the Italian daily Il Sole 24 Ore, the end of the Italian bank’s life insurance partnership with British insurer Aviva AVIV.L could promote a union with BPER, whose largest shareholder is the country’s second insurer , UnipolSAI US.MI.
UniCredit has been at the center of speculation about a possible merger or acquisition (M&A) since the announcement of the departure of its managing director, Frenchman Jean-Pierre Mustier, at the end of his current mandate in April 2021.
Jean-Pierre Mustier had firmly ruled out an M&A transaction, preferring to stay away from the consolidation movement at work in a fragmented Italian banking sector and focus on improving shareholder compensation.
At around 10:45 am, Unicredit and BPER shares rose 2.4% and 2.6% respectively on the Milan Stock Exchange.
UniCredit and BPER declined to comment.
(Valentina Za and Andrea Mandala, French version Laura Marchioro, edited by Jean-Michel Bélot)
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