September 26, 2017 / 9:44 AM / in 10 months

UBS CEO sees room for banking M&A in Italy and Europe

MILAN (Reuters) - There is room for consolidation in the banking sector both in Italy and in Europe, UBS (UBSG.S) Chief Executive Sergio Ermotti said on Tuesday, adding political and regulatory authorities would support the process.

FILE PHOTO: CEO Sergio Ermotti of Swiss bank UBS awaits the annual shareholder meeting in Basel, Switzerland May 4, 2017. REUTERS/Arnd Wiegmann

“Political and regulatory willingness (to allow banking mergers) are coming,” Ermotti told a banking conference in Milan organized by Bloomberg.

Attending the same event, Mediobanca (MDBI.MI) CEO Alberto Nagel said he saw room for consolidation “not now, but in 18 months” among Tier 2 banks, while Societe Generale (SOGN.PA) Chairman Lorenzo Bini Smaghi said banking consolidation in Italy “had to happen” because the market there was too fragmented.

Reporting by Silvia Aloisi; writing by Francesca Landini

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