March 3, 2020 / 12:33 PM / a month ago

Banco BPM hopes to join sector's consolidation process "from the bottom" - CEO

MILAN, March 3 (Reuters) - A new strategic plan presented on Tuesday will allow Banco BPM to succeed on a standalone basis, but Italy’s third-largest bank would be happy to be part of an expected consolidation process in the sector, its CEO said.

Talking to analysts after the plan’s presentation, Giuseppe Castagna said the bank would prefer to join forces with peers of similar size rather than be the target of an hostile takeover.

“Consolidation will happen ... and I’d be happy to participate ... but from the bottom and not from the top,” he said.

Italy’s top retail bank Intesa Sanpaolo last month announced an unsolicited takeover offer for UBI Banca, Italy’s fifth-largest bank.

Reporting by Andrea Mandala, writing by Valentina Za

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