BRUSSELS/MILAN (Reuters) -Italian bank UniCredit has offered to divest 206 branches in an attempt to secure EU antitrust approval to buy rival Banco BPM, three sources with direct knowledge of the matter said on Tuesday. The move is likely to help to secure the EU green light for the deal, the sources said. The European […]
Business
Unicredit offers to sell 206 branches to gain EU approval for Banco BPM deal, sources say
Audio By Carbonatix
BRUSSELS/MILAN (Reuters) -Italian bank UniCredit has offered to divest 206 branches in an attempt to secure EU antitrust approval to buy rival Banco BPM, three sources with direct knowledge of the matter said on Tuesday.
The move is likely to help to secure the EU green light for the deal, the sources said.
The European Commission, which acts as the competition enforcer for the 27-country European Union, is keen on banking consolidation to create strong lenders in the bloc, one of the sources said.
(Reporting by Foo Yun Chee in Brussels and Andrea Mandala and Valentina Za in MilanEditing by David Goodman)