Italy's largest bank, UniCredit, has abandoned plans to merge its Pioneer Investments business with Santander's asset management unit.
The banks entered talks to merge the two businesses in November last year, and more recently met to identify "viable solutions to meet all regulatory requirements to complete the transaction". However, the deal fell through after no workable solution was found, two weeks after Jean Pierre Mustier took over as chief executive of UniCredit. Update: Italy confirms €5bn rescue fund for weaker lenders The bank said in a statement: "UniCredit has agreed with Banco Santander and Sherbrooke Acquisition to terminate the agreements entered into on 11 November 2015 relating to the business co...
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