April 27, 2020 / 11:41 AM / a month ago

Intesa shareholders back share issue for UBI deal

MILAN, April 27 (Reuters) - Shareholders in Intesa Sanpaolo on Monday approved issuing new shares to support plans by Italy’s biggest retail bank to take over smaller rival UBI Banca.

Shortly before the COVID-19 contagion emerged in Italy in February, Intesa announced a surprise all-share offer for UBI, to create the euro zone’s seventh-largest banking group with a focus on asset management and insurance.

Intesa, whose annual general meeting was held behind closed doors due to the pandemic, said shareholders accounting for 52.3% of the company’s capital attended the meeting through a single representative.

Shareholders approved the new share issue with 98% of votes, while 99% voted in favour of using 2019 profits to boost the bank’s capital reserves.

Reporting by Valentina Za, editing by Giulia Segreti

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