MILAN (Reuters) – Italy’s leading investment bank Mediobanca (MDBI.MI) could be interested in some private banking assets of U.S. insurer American International Group (AIG.N) (AIG) if they were for sale, Chief Executive Alberto Nagel said on Friday.
“We … could look at private banking operations, particularly in certain countries,” Nagel said in answer to an analyst’s question at a results presentation on whether Mediobanca could be interested in the non-U.S. assets of AIG.
“There are private banking assets which are absolutely of interest to us but we have to see what we are really talking about and more than anything else, what the profitability of the acquisition is,” Nagel added.
The U.S. government this week agreed to rescue AIG with an emergency $85 billion loan from the New York Federal Reserve.
Nagel said that Mediobanca in general did not feel pressed to make acquisitions but did not rule out possible deals for single assets rather than anything on a larger scale. (Reporting by Gianluca Semeraro, writing by Jo Winterbottom; Editing by Paul Bolding)