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Unicredit 100 percent focused on organic development, says CEO

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Unicredit 100 percent focused on organic development, says CEO
FILE PHOTO: Unicredit bank Chief Executive Officer Jean Pierre Mustier looks on during the shareholders meeting in Rome, Italy, January 12, 2017. REUTERS/Remo Casilli   -   Copyright  Remo Casilli(Reuters)
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PARIS (Reuters) – Italian bank Unicredit’s <CRDI.MI> Chief Executive Jean-Pierre Mustier said on Tuesday his bank was entirely focused on organic development.

“I would like to insist that Unicredit has a transformation plan which is based purely on organic assumptions,” Mustier told a conference on banking regulation in Paris. “The management of Unicredit is 100 percent focused on (its) organic development.”

The bank has been the subject of persistent market speculation that its management is seeking to merge with another bank in Europe, and possibly France’s Societe Generale <SOGN.PA>.

Mustier also said that Germany lacks a bank big enough to support its small and medium size companies.

(Reporting by Inti Landauro; editing by Leigh Thomas)

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