Comments from head of Italy’s largest bank Carlo Messina come as rival UniCredit battles opposition from Berlin and Rome
The chief executive of Italy’s largest lender, Intesa Sanpaolo, has called on governments to stop interfering in banking deals, leaving approvals up to regulators and the shareholders free to chose. “It is the shareholders . . . those who are invested in companies . . . who determine their future,” Carlo Messina told the Financial Times. “Governments can’t pick based on their liking . . . they should only intervene in cases where financial stability is at stake.
BPM rejected the offer as too low, and said the takeover would diminish competition in the Italian banking market. “I believe that a third big player will emerge in Italy regardless, as the market will seek this,” said Messina. “We view more consolidation and more competition in the Italian banking sector positively as this is key to ensuring robust investments in cyber security and technology, which contribute to the strength of the Italian economy.
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