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Unione di Banche Italiane SpA Add to portfolio

FTSEMIB:UBI, Jun 06, 08:10 UTC

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Thursday, June 04


News

Intesa Sanpaolo’s UBI Banca takeover faces hurdles

UBI ISP

Will Intesa Sanpaolo’s attempt to merge with UBI Banca hasten a long-awaited wave of bank consolidation in Italy – perhaps even at the hands of UBI, if the Intesa takeover falls through? UBI and its advisers, Credit Suisse and Goldman Sachs, are hoping that regulators and shareholders will think so, as the two banks await the outcome of a protracted inquiry by Italy’s anti-trust authority. Citing the coronavirus, UBI has now invoked a material adverse change (MAC) clause – something usually only an acquirer would do – as a means to get the freedom to approach other banks more formally. But this will likely take weeks to be contested through the courts, and Intesa wants to continue as before, on the same terms. Intesa also intends to accelerate a non-performing loan rundown, UBI’s biggest challenge. Sources representing UBI, however, say Intesa’s shares are overvalued, as their price is based on a dividend pay-out ratio that is increasingly hard to maintain.

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Monday, June 01


News

Intesa Sanpaolo expects ECB nod for UBI Banca acquisition by mid-June

UBI

All reports are editorially independent and designed to provide unique insight. Exclusive data compiled by our expert analysts on major trends in the sector. Each innovation is assessed and rated on key criteria, to assist with identifying, tracking & understanding key innovation globally. The Italian lender aims to create Eurozone’s seventh-largest bank and boost its profits via cost cuts and emphasis on insurance and asset management businesses.The bank expected to launch the offer at June end after securing the green light from ECB.However, an antitrust review may push the bid to launch in September this year, according to the report.Italy’s antitrust body Italian Competition Authority (ICA) might complete its review at the end of July 2020.Intesa, in order to address the antitrust issues, inked a deal with BPER Banca to shed €20bn ($22.28bn) in assets and up to 500 branches of the new group.According to Reuters, the antitrust body believes that the merger will significantly change Italy’s banking landscape.The Italian securities market watchdog Consob must approve the official prospectus for investors, for the offer to be officially launched.

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verdict.co.uk
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Friday, May 29


News

ECB's green light to Intesa Sanpaolo's takeover bid for UBI expected by mid-June: sources

UBI ISP

Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. ECB's green light to Intesa Sanpaolo's takeover bid for UBI expected by mid-June: sources. Intesa (ISP.MI) unveiled in February an all-paper exchange offer for UBI (UBI.MI) to create the euro zone's seventh-largest banking group and drive profits through cost cuts as well as a focus on insurance and asset management. Italy's antitrust body is expected to wrap up its probe only at the end of July, but the two people said the ECB would in the meantime give its green light to the bid. For the offer to be launched Italy's market watchdog Consob must first approve the official prospectus for investors. As part of its inquiry, Italy's competition authority on Friday heard representatives of Intesa's rival heavyweight UniCredit (CRDI.MI), another person familiar with the matter said.

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Monday, April 27


News

Intesa shareholders back share issue for UBI deal

UBI ISP

MILAN (Reuters) - Shareholders in Intesa Sanpaolo <ISP.MI> on Monday approved issuing new shares to support plans by Italy's biggest retail bank to take over smaller rival UBI Banca <UBI.MI>. 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. He reiterated Intesa would push ahead with the deal even if UBI shareholders tendered only half of its capital plus one share, a lower acceptance threshold than the 66.67% initially targeted by Intesa. Intesa, is offering 1.7 new shares for each UBI share tendered, valuing Italy's fifth-largest bank at 2.7 billion euros (2.36 billion pounds), down from 4.8 billion euros when the offer, which has met resistance from some UBI shareholders, was announced.

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Thursday, April 23


News

Intesa CEO flags coronavirus threat to mid-sized banks like UBI

UBI ISP

(Reuters) - Further consolidation in Italian banking is likely to be triggered by the coronavirus crisis, which threatens mid-sized banks such as UBI Banca (UBI.MI), Intesa Sanpaolo's (ISP.MI) CEO Carlo Messina was quoted as saying on Thursday. "UBI is well run but in the current tsunami a mid-sized bank risks not having the necessary scale to safely navigate stormy waters," Messina said in an Eco di Bergamo newspaper interview. Intesa launched an unsolicited exchange offer for UBI shares in early February, just before the coronavirus outbreak in Italy, in a bid to create the euro zone's seventh-largest banking group, focused on insurance and wealth management. It targeted the healthiest second-tier Italian bank. Although the coronavirus pandemic has since paralysed Italy's economy, which the International Monetary Fund expects to contract by 9% this year, Intesa has pressed ahead with the bid, saying the crisis made its proposition more compelling.. Intesa is offering 1.7 new shares for each UBI share, valuing Italy's fifth-largest lender at 2.7 billion euros, down from 4.8 billion euro valuation when the offer, which has met resistance from some UBI shareholders, was announced.

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reuters.com
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Tuesday, March 31


News

Italy's UBI suspends dividend payments as requested by ECB

UBI EURJPY +6 more UBI EURJPY EURAUD EURCAD EURZAR EURGBP EURUSD EURNZD

Italy's UBI suspends dividend payments as requested by ECB. Reuters{{day}} {{monthName}} {{year}}, {{hourTwoDigit}}:{{minuteTwoDigit}}. MILAN (Reuters) - Italy's fifth-largest bank UBI Banca <UBI.MI> said on Tuesday it would not pay out to shareholders 147.6 million euros (130.82 million pounds) in dividends as planned, and would boost its capital instead as requested by supervisors. The bank reserved the right to call a new shareholder meeting over dividend payments after Oct. 1 , barring any extension past that date of the recommendation on banks' payouts issued last week by the European Central Bank. What to read next.

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Italy's Intesa halts dividends, says crisis boosts case for UBI deal

UBI ISP

MILAN (Reuters) - Italy's Intesa Sanpaolo on Tuesday suspended dividend payments to comply with regulatory demands and said the coronavirus crisis strengthened the case for its proposed takeover of rival UBI Banca (UBI.MI). Just before Italy got hit by coronavirus contagion in late February, Intesa unveiled a surprise bid for UBI to create the euro zone's seventh-largest banking group with a focus on asset management and insurance. Intesa said it was more difficult for smaller lenders to confront the economic fallout from the virus emergency, which is seen stoking problem loans and hammering bank revenues. Intesa said the move, which follows that of domestic rival UniCredit (CRDI.MI), would boost its pro-forma core capital ratio to 15.2%, giving the bank 16.5 billion euros in excess capital on top of its minimum capital requirement.

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Intesa suspends dividend payments, says committed to UBI deal

UBI ISP

The bank also said a proposed takeover of smaller rival UBI Banca had become even more important in the current coronavirus crisis because it would make it easier to cut costs and sustain provisions needed to cover loan losses. Shortly before the coronavirus contagion emerged in Italy, Intesa had made a surprise takeover offer for UBI to create the euro zone’s seventh-largest banking group with a focus on asset management and insurance. “The strategic rationale for the transaction takes on even stronger significance in the aftermath of the COVID-19 epidemic,” Intesa said in a statement. Intesa said the decision to skip dividend payments for now, which shareholders will be asked to approve on April 27, will boost its pro-forma core capital ratio to 15.2%, giving the bank 16.5 billion euros in excess capital on top of its minimum capital requirement.

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Thursday, March 19


News

Italy’s Intesa revises accord to sell branches to BPER in UBI takeover plan

UBI ISP

MILAN — Italy’s Intesa Sanpaolo said on Thursday it had revised the terms of an accord to sell branches and assets to BPER Banca it had sealed to address possible antitrust issues in a proposed takeover of rival UBI Banca. Intesa last month made a surprise all-share bid for UBI, offering 1.7 new Intesa shares for each UBI share tendered, to create the euro zone’s seventh-largest banking group with a focus on asset management and insurance. Since then, however, the coronavirus outbreak which has killed more people in Italy than in any other country in the world including China has crippled the economy, driving a 45% drop in the market value of Italian banks. Intesa and BPER said that, under the revised terms, BPER would pay the lowest between the amount previously agreed and a figure equivalent to 80% of the implied multiple which Intesa would be paying for UBI’s core capital. Navdeep Bains on Ottawa’s plan to save Canadian tech amid COVID-19.

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Italy's Intesa revises BPER deal in UBI takeover after virus hit

UBI ISP

U.S. Italy's Intesa revises BPER deal in UBI takeover after virus hit. MILAN (Reuters) - Italy's Intesa Sanpaolo on Thursday said it was ready to accept a lower price in a deal it has agreed with BPER Banca to address possible antitrust issues in a proposed takeover of rival UBI Banca. In a surprise all-share bid for UBI, Intesa last month offered 1.7 new shares for each UBI share tendered, to create the euro zone's seventh-largest banking group with a focus on asset management and insurance. The market slump and the deep recession into which Italy is expected to have sunk due to measures to curb the contagion make a cash call an impossible task for BPER, which is now worth just 1.2 billion euros, analysts have said.

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