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Banco BPM sees sense in merger with UBI Banca but no plans right now, CEO says

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Banco BPM sees sense in merger with UBI Banca but no plans right now, CEO says

Banco BPM SpA CEO Giuseppe Castagna said a potential merger with local rival Unione di Banche Italiane SpA would make sense but confirmed that the lender does not have any merger plans at the moment, Reuters reported.

Castagna noted that Banco BPM would prefer its merger partner to be based in the northern regions of Italy, thus UBI Banca would be an ideal option considering its strong presence in the northern region of Lombardy.

Regarding a potential deal with Banca Monte dei Paschi di Siena SpA, Castagna said Banco BPM will discuss the matter once the troubled Italian lender's management and the government have evaluated all merger options for the bank.