July 22, 2020 / 1:56 PM / in 19 days

UniCredit not interested in M&A - CEO

MILAN, July 22 (Reuters) - UniCredit chief executive Jean Pierre Mustier ruled out Italy's biggest bank could be interested in mergers and acquisitions, dismissing recent speculation in the domestic press about possible tie-ups.

In an interview with Euromoney on Wednesday, Mustier reiterated a preference for share buybacks as an efficient way to return excess capital to shareholders.

Intesa Sanpaolo's ongoing takeover offer for rival UBI has fuelled market expectations that other Italian banks, including UniCredit, may engage in M&A activity.

Reporting by Valentina Za, editing by Giulia Segreti

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