"I'm sure he wants to take action, it's not just France, because it may be England or Spain," Alessandro Mazzucco said at a conference on Wednesday. ,
The Italian bank declined to comment.
Alessandro Mazzucco is the president of Cariveron's regional savings bank, which owns shares of 1.8% in the leading banker of UniCredit.
Last December, Jean-Pierre Mustier, for Euromoney, announced that he would not expect a connection with another bank by the end of 2021.
Earlier, he said the Italian bank will review its strategic options, including a possible merger, after completing its turnaround plan this year.
Last year was marked by repeated speculation about a possible merger between UniCredit and Societe Generale, whose Jean-Pierre Mustier was Deputy CEO.
"The relations that the (Italian) government is building with France do not help," said Alessandro Mazzucco.
Leaders of the two government parties in Rome, Luigi Di Maio for the 5-star movement and Matteo Salvini for the league, are regularly attacking French President Emmanuel Macron, the French Foreign Ministry summoning last Italian ambassador to Paris this week.
Alessandro Mazzucco believes that the elections to the European Parliament scheduled for May do not in themselves constitute a barrier to a possible merger with another bank, but that such an operation will be carried out if the situation so permits.
The president of Cariverona also hopes that UniCredit's new strategic plan will provide a review of international merger and acquisition opportunities.
(Gianluca Semeraro, Bertrand Boucey and Claude Chendjou for the French service)