UniCredit CEO says no M&A deal after Intesa's surprise UBI bid

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MILAN (Reuters) – The head of UniCredit (MI:) repeated in a letter to staff on Wednesday that Italy’s biggest bank had no intention of engaging in merger and acquisition deals following Intesa’s (MI:) blitz move to buy rival UBI Banca (MI:).

“Let me reconfirm we have NO intention to do any M&A and we will not be drawn into any transactions,” CEO Jean Pierre Mustier said in a letter dated Feb. 19.

After shelving plan for a cross-border merger deal which he says is not possible given the sector’s depressed market valuations, Mustier has been focusing on boosting investor returns through a combination of dividends and share buybacks.

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