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Banco BPM CEO rules out further M&A

Banco BPM SpA CEO Giuseppe Castagna said the bank will not pursue further M&A for the time being, Reuters reported Jan. 12, citing an interview with Italian daily Il Messaggero.

"The macroeconomic uncertainty and the situation in the banking sector are such that make us exclude any further tie-ups for the moment, even though we believe there is still space for further consolidation in the sector in future," Castagna reportedly said.

The executive's comments came in response to a question on the bank's interest in Banca Carige SpA, Unione di Banche Italiane SpA or Banca Monte dei Paschi di Siena SpA. A report earlier in January claimed that Banco BPM was one of 10 potential bidders for Banca Carige, a troubled Italian lender.

In December 2018, Banco BPM itself struck an agreement to sell a €7.8 billion portfolio of bad loans to Credito Fondiario SpA and U.S. fund Elliott International LP.