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Report: Italy's UniCredit eyes merger with French SocGen

Italian bank UniCredit SpA is looking into a potential merger with France-based Société Générale SA, the Financial Times reported June 4.

No formal approach has been made, but UniCredit CEO Jean Pierre Mustier and SocGen directors have been considering the possibility of a combination.

If a merger occurs, UniCredit would gain support for its investment banking and eastern European operations, while SocGen would secure a leading position in Italy and Germany in retail and corporate banking. However, the deal could face political hurdles amid Italy's political turbulence and hostility to foreigners running Italian business, according to the FT report.

UniCredit declined to comment, while SocGen denied any board talks regarding a potential merger with the Italian bank, according to the report.