Italy’s Intesa sees no profit in searching for a European merger

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TURIN, Italy (Reuters) – Italy’s largest retail financial institution, Intesa Sanpaolo, doesn’t see any attainable profit from a merger with one other European financial institution, Chief Government Carlo Messina stated on Tuesday.

Messina made the remark to reporters when requested about final week’s collapse of merger talks between Deutsche Financial institution and Commerzbank, a breakdown that has sparked discuss that different banks may now be inquisitive about Commerzbank.

“We have no proposal on the desk as a result of we do not see any attainable synergies from a merger with one other European banking group,” he stated after Intesa’s annual assembly in Turin.

Messina stated he didn’t consider in a brand new wave of banking consolidation in Europe as a result of “it is not going to be simple to create value synergies which might be the actual situation of this type of offers”.

He additionally dismissed the concept of a merger in Italy.

“In Italy we now have a giant market share so we will not take any benefit from a merger with different banks,” Messina added.

(Reporting by Gianluca Semeraro; Enhancing by Giulio Piovaccari and Martk Bendeich)

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