Société Générale has denied any board discussion regarding a potential merger with UniCredit despite rumours on their potential agreement were recently published by several media organisations.
Although UniCredit declined to comment, it reminded that the firm’s Transform 2019 plan was based on organic assumptions.
According the daily Financial Times, Italy’s bank UniCredit and its French rival Société Générale (SocGen) are planning to merge, in a move that would lead the way for a round of banking mergers in Europe.
UniCredit’s French chief executive Jean-Pierre Mustier considers SocGen an ideal partner for the Italian lender, highlighting its investment banking and eastern European operations. If the merger took place, SocGen would gain a leading position in Italy and Germany, both in retail and corporate banking, the Financial Times reports.
According the daily paper, Mustier would be the one considering the merger, perhaps already conceived at the time of UniCredit €14bn capital increase in 2017.
The Italian UniCredit was worth 33 billion against the 32 of the French SocGen at the closing of the markets last Friday.