Monte dei Paschi CEO: Banking Consolidation Benefits With Strong Competition
Banking Industry Consolidation and Competition
CEO Lovaglio's Perspective on Industry Consolidation
MILAN, June 23 (Reuters) - Consolidation in the banking industry is "useful and healthy" as long as the industry remains capable of serving all its different types of clients and competition is preserved, Monte dei Paschi CEO Luigi Lovaglio said on Tuesday.
Compliance with Regulatory Requirements
Speaking at the Mediobanca CEO conference, Lovaglio said MPS was complying with the passivity rule triggered by Intesa Sanpaolo's takeover offer, noting that the requirement is designed to protect the interests of its shareholders.
Importance of Strong Competition
"A good (banking) system can serve a country well if competition is strong in all segments," he said.
Role of Monte dei Paschi as an Independent Player
"Monte dei Paschi is one of the most important independent players and I think that's good for the customers, it's good for our employees, for the region where we operate and, at the end of the day, it's good for the country".
(Reporting by Valentina Za, editing by Giulia Segreti)
