September 7, 2013 / 9:30 AM / 5 years ago

Intesa CEO expects bank consolidation in Europe

MILAN (Reuters) - The chief executive of Intesa Sanpaolo (ISP.MI) said on Saturday he expected a new phase of consolidation among European banks, adding the Italian lender was not interested in increasing its exposure to the domestic banking system.

A man takes a picture in front of Intesa Sanpaolo bank in downtown Rome July 23, 2010. REUTERS/Alessandro Bianchi

    “The industry is highly fragmented, profitability in the banking sector is very low so there are all the prerequisites for consolidation, and I believe that sooner or later it will happen,” CEO Enrico Cucchiani told Reuters in an interview.

    “It will happen at a domestic level for small and medium-sized banks and at a pan-European level for larger banks.”

    Reporting by Lisa Jucca, Paola Arosio, Gianluca Semeraro and Valentina Za, writing by Valentina Za, editing by Jennifer Clark

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