Sunday May 11, 06:30 PM
UBI Banca interested in buying branches, mergers UPDATE
(Adds comments on merger with Banco Popolare (Milan: BP.MI - news) )
MILAN (Thomson Financial) - UBI Banca (Milan: UBI.MI - news) is interested in acquiring branches and in merging with other co-operative banks, dailies Il Sole 24 Ore (Milan: S24.MI - news) and La Repubblica said on Sunday, citing CEO Giampiero Auletta Armenise.
Auletta Armenise said UBI will look at the branches that Banca Monte dei Paschi (Milan: BMPS.MI - news) di Siena SpA must sell to ease competition concerns, Il Sole reported.
In La Repubblica, Auletta Armenise was quoted as saying that 'in theory', a merger with Banco Popolare would make sense but would also be a complex operation.
However, he said that since talk of a potential merger beteen the two banks was 'categorically denied' at the end of 2007, there have been no developments.
He also said first-quarter net profit rose slightly compared with a year earlier.
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