UniCredit CEO says Mediobanca not “the best fit” when it comes to M&A

MILAN (Reuters) – UniCredit Chief Executive Andrea Orcel on Monday dismissed speculation that Italy’s second-biggest lender could be interested in the country’s leading investment bank Mediobanca.

Speaking at a BreakigViews Predictions event, Orcel said there were better options for UniCredit in terms of M&A.

A possible tie-up with Mediobanca has been a recurrent rumour in financial circles since Orcel’s arrival at UniCredit almost a year ago.

“There has been a lot of speculation on a number of deals in Italy,” Orcel said when asked about a potential Mediobanca acquisition. “If you look at our set up it is certainly not one of the things that fit the best.”

Orcel told the same event UniCredit would study potential deals so as to know at which conditions they would work for the bank if they became available, but he reiterated the bar was high for any M&A transaction.