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Prince Edward Island > Business > Reuters

UniCredit CEO says no M&A deal after Intesa's surprise UBI bid

Reuters | Posted: Feb. 19, 2020, 11:11 a.m. | Updated: Feb. 19, 2020, 9:03 a.m. | 1 Min Read

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MILAN (Reuters) - The head of UniCredit repeated in a letter to staff on Wednesday that Italy's biggest bank had no intention of engaging in merger and acquisition deals following Intesa's blitz move to buy rival UBI Banca .

"Let me reconfirm we have NO intention to do any M&A and we will not be drawn into any transactions," CEO Jean Pierre Mustier said in a letter dated Feb. 19.

After shelving plan for a cross-border merger deal which he says is not possible given the sector's depressed market valuations, Mustier has been focusing on boosting investor returns through a combination of dividends and share buybacks.

(Reporting by Valentina Za; editing by James Mackenzie)

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