Monte dei Paschi di Siena
(MPS) bank president Alessandro Profumo said Thursday the
Italian banking system will undergo mergers to create bigger
groups and accused the European Central Bank (ECB) of penalising
banks on the peninsula.
"The Italian banking system will undergo profound
transformations," Profumo told the Senate finance committee.
"The crisis has reduced the number of groups in recent
years, but with European Union vigilance intense aggregation,
both domestic and across borders, will resume".
The ECB assessment of the European banking system "has
penalised Italian banks," he claimed.
"As a country, we have to be more aggressive in influencing
decisions," he added.
"We need to send our best people into Europe".
Profumo indicated he was cautiously in favour of the
project for a "bad bank".
"I am in favour of something that allows (bad loans) to be
managed in a systematic way".
Asked if he will stand for a second mandate as head of the
troubled Siena bank, Profumo said "I haven't decided yet".
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