MILANO (Reuters) - Rumors about a possible tie-up between Italy's Banco BPM BAMI.MI and UBI Banca UBI.MI are groundless, Banco BPM Chief Executive Giuseppe Castagna said on Friday.
“The rumors were an abstract idea, a (theoretical) exercise by some investment banks”, Castagna told newspaper Il Messaggero adding that “the consolidation of the Italian banking system is a path that sooner or later will have to be undertaken”.
Banco BPM is due to announce its new business plan in the first quarter of 2020.
Reporting by Gianluca Semeraro; editing by Giulia Segreti
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