Italian assets fly as Intesa launches shock bid for UBI

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Italian assets fly as Intesa launches shock bid for UBI

Tyler Davies
February 18, 2020 02:00 PM
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Italian bank Intesa Sanpaolo branch is pictured in the financial district of the City of London on August 24, 2018. Britain is expected to keep the door open to European Union banks and investors after Brexit, (Photo by Alberto Pezzali/NurPhoto) | NurPhoto/NurPhoto/PA Images

Intesa Sanpaolo caught the market by surprise when it launched a takeover bid for UBI Banca on Monday night. The announcement sent credit and equity valuations surging higher, with investors pinning their hopes on consolidation in the Italian banking sector.

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