Milan

Unicredit denies it has any interest in merger with Intesa

Italian banks suffering from debt crisis and recessions

Unicredit denies it has any interest in merger with Intesa

Milan, November 5 - Italy's largest commercial bank Unicredit denied rumours on Monday that it is interested in merging with rival Intesa Sanpaolo. "I have no comment," said the chief executive officer of Unicredit, Federico Ghizzoni, in response to questions from reporters Monday. "We are going ahead on our own," Ghizzoni added. A report last week in the newspaper Corriere della Sera set off a flurry of rumours, which both banks have denied. Italy's banks have all suffered from the global financial crisis followed by the sovereign-debt crisis and the Italian economic recession. Both Unicredit and Intesa have responded by slashing thousands of jobs and closing branches, yet they have still seen their market value drop dramatically. That could make either or both banks prey for a foreign takeover.

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