Italy’s biggest bank, UniCredit SpA, is exploring a merger with France’s Societe Generale SA (SocGen) in a move that would see the European banks leading the way for banking mergers on the continent, the Financial Times (FT) said on Monday, June 4.
UniCredit’s French chief executive, Jean-Pierre Mustier, a former head of SocGen’s investment banking unit, has been developing the idea for several months now, the FT said, citing sources.
Although no formal approach has been made, SocGen directors have also been exploring the possibility of a combination, according to the newspaper.
Senior executives representing both parties stressed planning was at an early stage, the FT said, and that Italy’s volatile political situation caused a delay in the timetable for a deal from the original plan of 18 months.
SocGen has been at the center of speculation over merger talks with UniCredit, while more recent takeover talk within the European banking industry has centered on Germany’s Commerzbank AG.
Full Content: Financial Times
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