Intesa fires starting gun on new phase of Italian bank consolidation
Intesa Sanpaolo took the market by surprise when it launched a takeover bid for UBI Banca this week. A successful deal could set off a long overdue wave of mergers and acquisitions within the Italian banking sector, which ECM bankers are hoping will be financed through a slew of new rights issues. Tyler Davies and Sam Kerr report.
A deal merging UBI Banca with Intesa Sanpaolo would create the largest lender in Italy — an institution with customer assets worth €1.11tr.
Few saw Intesa’s offer coming this week, though it has long been acknowledged that the country’s banking sector is overcrowded.Should UBI’s board of ...
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