UPDATE 2-Intesa kicks off Italian bank consolidation with $5.3 bln bid for UBI [Reuters (UK)]
INTESA SANPAOLO S/ADR (ISNPY)
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Source: Reuters
Intesa kicks off Italian bank consolidation with $5.3 billion bid for UBI - Reuters 4 Min Read MILAN (Reuters) - Intesa Sanpaolo ( ISP.MI ) kicked off on Monday long-awaited consolidation among Italian banks with a surprise 4.86 billion euro ($5.3 billion) takeover bid for smaller rival UBI Banca ( UBI.MI ). Italy’s top retail bank said it would offer 1.7 newly issued shares for every UBI share tendered to create a European-sized player focused on wealth management and insurance, with more than 1.1 trillion euros in customers’ financial assets. “The banking sector is heading for consolidation in the coming years ... it is in Intesa’s interest to reach a size that will allow it to compete ... in Europe,” it said in a statement. Intesa, which was the first among Italian lenders to bet on fees to drive revenues, said the deal would create the euro zone’s seventh-largest group by assets with an estimated combined profit of more than 6 billion euros in 2022. If the offer is successful
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