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