MILAN (Reuters) - There is room for consolidation in the banking sector both in Italy and in Europe, UBS (S:UBSG) Chief Executive Sergio Ermotti said on Tuesday, adding political and regulatory authorities would support the process.
"Political and regulatory willingness (to allow banking mergers) are coming," Ermotti told a banking conference in Milan organised by Bloomberg.
Attending the same event, Mediobanca (MI:MDBI) CEO Alberto Nagel said he saw room for consolidation "not now, but in 18 months" among Tier 2 banks, while Societe Generale (PA:SOGN) Chairman Lorenzo Bini Smaghi said banking consolidation in Italy "had to happen" because the market there was too fragmented.