UBI CEO steps down after successful Intesa's takeover
Reuters
Published Aug 03, 2020 12:39PM ET
MILANO (Reuters) - UBI Banca (MI:UBI) CEO Victor Massiah said on Monday he was leaving his position with immediate effect following a successful takeover bid by bigger rival Intesa Sanpaolo (MI:ISP).
Intesa Sanpaolo concluded its takeover bid for UBI last week securing 90.2% of its target's shares to create the euro zone's seventh-largest bank. Intesa plans to delist UBI and merge it into the group.
UBI said in a statement that its board had accepted Massiah's decision due to the "radical change" in the bank's shareholding structure.
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Written By: Reuters
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