"It is a specific situation. I do not see the symptoms for a wave of consolidation," Gian Maria Gros-Pietro told reporters on the sidelines of an event in Milan.
"Small operations can certainly be done, they can be useful and increase efficiency but it doesn't seem to me the conditions are there to create those big synergies that are indispensable for mergers that bring advantages to all the banks involved."
(Reporting by Gianluca Semeraro, writing by Silvia Aloisi, editing by Valentina Za)
