Intesa Sanpaolo on Monday kicked off long-awaited consolidation among Italian ba...
Intesa said it would offer UBI shareholders 17 newly issued Intesa shares for every 10 UBI shares tendered to create a European-sized player focused on wealth management and insurance, managing more than 1.1 trillion euros in customers’ financial assets.
The bank said it had picked UBI because it was very well managed and had a similar business model, so as to minimise integration risks. UBI is Italy’s fifth-largest bank and the strongest among second-tier lenders. It had long been tipped to play a prominent role in an expected wave of mergers among mid-sized Italian banks.
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