(Adds comments on timing for acquisition of UniCredit branches, stake in
Anima)
MILAN (Thomson Financial) - Banca Popolare di Milano managing director
Fabrizio Viola said the bank is studying several options to enhance the value of
its asset management operations and that a decision will likely be taken this
year.
"I'm reasonably certain that BPM will address the reorganisation of asset
management in 2008. There are several options but at present no decision has yet
been taken," he said in a conference call.
Viola said the aim of the reorganisation will be of "generating value in
terms of revenue and cost economies as well as of balance sheet value".
In other comments, he confirmed that the deadline to finalise talks between
a BPM-led consortium and UniCredit to acquire 186 branches has been postponed by
one month.
A company official said the postponement has been decided to "fine tune
technical aspects" and that the sale will be defined around mid-April.
Asked about possible further writedowns on the stake in fund manager Anima,
Viola said the stake's balance sheet value is based on the expected level of
cash flow and that its market price has limited impact.
He added the stake in Anima is a strategic one.
danilo.masoni@thomson.com
dm/lht//cmr/dm/lam
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