UniCredit chairman says mergers should make banks more European-paper

FILE PHOTO: Italian Economy Minister Pier Carlo Padoan speaks during a panel entitled “Reforming the Euro Area: Views from Inside and Outside of Europe” during IMF spring meetings in Washington, U.S., April 19, 2018. REUTERS/Aaron P. Bernstein

MILAN (Reuters) – Mergers should help banks boost their European footprint, UniCredit Chairman Pier Carlo Padoan said in a newspaper interview on Monday, warning against the risk that deals could make lenders more domestically focused.

“We must not let banks … become more national instead of becoming more European,” Padoan told La Stampa daily.

“There is a scenario, not necessarily the most likely one, in which there could be more concentration in Italy and less cross-border deals. This would be like going against the European Banking Union.”

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