UniCredit and Societe Generale continue to negotiate a merger? :: Investor.bg



UniCredit and Societe Generale continue to negotiate a merger?

The head office of UniCredit in Milan. Photo: Reuters

Negotiations between the Italian UniCredit and the French Société Générale for tying or joining are continuing. This is the Italian business daily MF, quoted by Reuters.

According to the news, which does not mention the source, the largest bank in Italy works together with the consultancy firm Rothschild on a possible merger with the French creditor.

However, both banks refused to comment before Reuters. In the Italian edition, even the consultant with which UniCredit works: Daniel Bolton.

Bolton is a former chairman of Societe Generale, who left the bank in 2009 after having led the decade, but had to leave after a scandal about unfair trading practices.

On the other hand, Chief Executive of UniCredit, Jean-Pierre Moustie, a former manager of Société Générale and his appointment at the Italian bank in 2016 led to speculation about a possible unification between the two institutions.

In June, the Financial Times reported that UniCredit is considering joining the French bank, noting that the unstable political situation in Italy has even postponed the timetable for a deal.

Asked about potential takeovers earlier in August, Mustée said that the bank's plan until 2019 was focused on organic growth, but that the possibility of external growth could be considered.

"Europe needs strong pan-European banks and we think we should be an institution like that," he said.


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