UniCredit CEO tells staff due diligence on MPS proceeding as agreed – memo

FILE PHOTO: A view of the UniCredit headquarters in Milan, Italy March 2, 2020. REUTERS/Yara Nardi/File Photo

MILAN (Reuters) – UniCredit CEO told the Italian bank’s staff that the due diligence process on rival lender Banca Monte dei Paschi was proceeding as agreed with Italy’s economy ministry, according to a memo seen by Reuters.

Chief Executive Andrea Orcel also invited the bank’s employees to ignore any speculation surrounding the potential transaction with Monte dei Paschi, according to the memo.

UniCredit in July entered into exclusive talks with Italy’s Treasury to buy “selected parts” of Monte dei Paschi, which is 64% owned by the state after a 2017 bailout.

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