Italy's UBI CEO says banking system consolidation is "written in stone"

Speaking at a Reuters Breakingviews event in Milan on Wednesday, UBI CEO Victor Massiah also said that banks, in order to perform, had to adapt to "a new normal" in terms of revenues while stepping up investments.

"Consolidation of the system is written in stone," Massiah said when asked about the size of Italy's banking system.

He added it was not because of Italy's "peculiar situation" but due to different reasons that applied to all of Europe.

"One is the cost of regulation, another the investments required... in new technologies and thirdly because of consumer protection," he said.

(Reporting by Valentina Za and Andrea Mandala, editing by Giulia Segreti)