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.
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