Banking mergers in Italy could make system more solid: govt official By 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:) and Banca Carige (MI:) is not “sustainable”, Buffagni, who is also sits in Parliament, said.

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