Mediobanca CEO Says Governments Are Hampering Bank Consolidation

(Bloomberg) – Alberto Nagel, Chairman of the MEDEOBANCA SPA, said that national governments are an obstacle to creating larger banks in the European Union.

Nagel, Bloomberg TV on Friday on Bloomberg TV, Germany, Italy and Spain in Spain, referring to the efforts to slow down and even prevention, I do not think that the consolidation of the financial industry in the block, “he said.

Many banks, which contain Italy’s Unicredit Spa and Spain’s BBVA sa, have launched a competitor attempts to meet with bitter opposition only from Berlin, Rome and Madrid. Mediobanca himself faces an undesirable proposal from the domestic rival Banca Monte Dei Paschi Di Siena Spa, supported by the Italian government, the largest shareholder of Monte Paschi.

Nagel rejected the offer many times. In an interview on Friday, he reiterated that he saw him as “completely inadequate ..

Monte Paschi offers 25,33 new shares for every 10 in Mediobanca, and its target values approximately € 15.2 billion ($ 17.3 billion) at existing prices. This is below Medeobanca’s market value of approximately € 15.5 billion.

As part of his defense, Mediobanca launched an effort to purchase a purchase for Banca General SPA, Asset Management Unit of the country’s largest insurance company Assicurazioni Georian SPA. Nagel said in an interview that he was still waiting for an answer to the Georian’s proposal.

Mediobanca said yesterday that Banca General Purchase was expected to be completed by 18 August and that he could call a meeting to express his views three days later. The Bank said the right to make all the relevant decisions until 6 August and how the “discussions” went with the general.

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