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

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

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