Intesa Sanpaolo Approves Nominees for UBI Banca's Board Following Takeover
September 18 2020 - 7:24AM
Dow Jones News
By Mauro Orru
Intesa Sanpaolo SpA said Friday that it has approved 15 nominees
for the renewal of the board of directors at Unione di Banche
Italiane SpA, following the takeover of its smaller rival.
The Italian bank said Gaetano Micciche would succeed former UBI
Chief Executive Victor Massiah, who stepped down after opposing
Intesa's takeover bid.
Paolo Grandi and Bruno Picca will be chairman and deputy
chairman respectively, Intesa said, with Luigi Arturo Bianchi
serving as chairman of the management control committee.
All 15 nominees will be proposed at the shareholders' assembly
on Oct. 15, the bank added.
Intesa launched a surprise takeover bid for UBI in February, in
a deal to create Italy's largest bank by assets and the eurozone's
second-biggest by market capitalization. UBI shares will be
delisted from the Italian stock exchange on Oct. 5 following
Intesa's successful takeover.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 18, 2020 07:09 ET (11:09 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.