UniCredit explores merger with Societe Generale

Wednesday 6 June 2018 10:28 CET | News

UniCredit is allegedly exploring a merger with Societe Generale, according to Financial Times.

According to people familiar with the situation, cited by the publication, the French chief executive of UniCredit has been pioneering the idea for several months, but no formal approach has been made. Societe Generale’ directors have also been exploring the possibility.

Both sides stressed that the discussions were at an early stage, but Italy’s political situation had pushed back the timetable for a deal from the original plan of 18 months, the publication continues.

A merger between the two banks has been considered by Societe Generale on several occasions over the past 15 years and in recent months by senior executives. However, the bank denied “any board discussion regarding a potential merger with UniCredit”. UniCredit declined to comment.

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Keywords: UniCredit, Societe Generale, Italy, France, Europe, bank
Countries: World