February 20, 2020 11:59 am

Bank merger in Italy: Intesa Sanpaolo wants to acquire UBI Banca

A big bang on the Italian banking market: As announced in the middle of the week, Intesa Sanpaolo is planning a takeover of UBI Banca. The largest Italian commercial bank will pay 4.9 billion euros for UBI in the form of new shares. If the Italian banking supervisory authority, the central bank and the ECB give their approval, the acquisition of the financial institution from Bergamo should be completed by the end of the year.

Intesa said in a statement: “Our industry, at a European level, has entered a phase that requires greater scale, increased investment capacity and a focus on socially sustainable finance in order to excel. Thanks to this operation, the bank that will emerge from the integration of Intesa Sanpaolo and UBI will be one of the leaders of the new banking system.” Investment Europe

This post was written by Jens Secker

(Image rights: istockphoto.com/Marco_Bonfanti)

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