As many bankers fled Italy's financial capital for second homes in the mountains or lakes at the start of a coronavirus lockdown in March, Victor Massiah rushed instead to rent a house within walking distance of UBI Banca's Milan offices.
MILAN/LONDON - As many bankers fled Italy’s financial capital for second homes in the mountains or lakes at the start of a coronavirus lockdown in March, Victor Massiah rushed instead to rent a house within walking distance of UBI Banca’s Milan offices.
And what would be the biggest bank takeover in Europe for more than a decade is now approaching a finale, with Intesa’s offer to UBI shareholders set to run from July 6 to July 28. Following aborted efforts in recent years to negotiate deals involving rivals Banco BPM and Monte dei Paschi, only weeks before Intesa’s incursion, Massiah had tried but failed to clinch a merger with smaller peer BPER Banca, a person involved in the talks said.
Sources close to UBI say its retail customers, who accountfor 15-20% of its share capital, may decide to hold ontostock which has been handed down over generations. A smaller group with 1.6% of UBI shares also opposes theoffer, while a bigger one holding 7.7% has not expressed a view.Prevented by takeover rules from mounting an active defence, UBI has sought to challenge Intesa in court and with regulators, saying it is solely interested in taking out a competitor.
It has pledged to provide an extra 10 billion euros a year in credit to UBI’s core areas and keep lending decisions largely local, while rushing to donate to local institutionsin its target’s stricken Bergamo and Brescia provinces.
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