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Banking mergers in Italy could make system more solid: govt official

Published 01/16/2019, 04:24 AM
Updated 01/16/2019, 04:25 AM
© Reuters.  Banking mergers in Italy could make system more solid: govt official

MILAN (Reuters) - Mergers among Italian lenders could make the banking system more solid, Stefano Buffagni, cabinet undersecretary and a prominent member of the ruling 5-Star Movement, said on Wednesday.

The Italian government should play a leading role in engineering tie-ups with the goal of creating national champions able to compete on the global market, he said.

But the idea of merging troubled banks Monte dei Paschi (MI:BMPS) and Banca Carige (MI:CRGI) is not "sustainable", Buffagni, who is also sits in Parliament, said.

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