UBI says no talks with Monte Paschi, no rush on M&A - RTRS
(Reuters) - The chief executive of UBI Banca UBI.MI, Italy's fifth biggest lender, said on Tuesday there were no contacts with Monte dei Paschi di Siena BMPS.MI over a possible tie-up and signalled he was in no rush to take part in sector consolidation.
Bankers say UBI is the most likely domestic candidate to take over troubled Monte dei Paschi, who has been told by the European Central Bank to find a buyer quickly because of its fragile state.
Victor Massiah said his bank would start thinking about consolidation after a shareholder meeting that will convert the bank into a joint-stock company, something that is expected to happen from September onwards, and in any case within 18 months.