Here comes the latest authorization for the Ops launched by Intesa Sanpaolo on Ubi Banca. After the ECB, Bank of Italy, Ivass and Consob, too the Antitrust has given the green light to the merger, but on one condition: Intesa “should sell over 500 bank branches, a number slightly higher than what was originally offered - it is read in the Authority's note – The transfers will have to be carried out in the geographical areas where there are the greatest competitive problems and will be directed to one or more independent operators capable of regulating the new post-merger entity".
The Antitrust justifies the decision by explaining that “the concentration operation – continues the note – is suitable for producing the establishment and/or strengthening of Intesa's dominant position in some local markets of bank funding, loans to consumer households and loans to producer households-small businesses”.
Furthermore, according to the Antitrust, the operation can “establish and/or strengthen the dominant position of Intesa Sanpaolo in the markets for administered savings, mutual funds and the individual management of securities assets (GPM) and funds (GPF), as well as in the markets for loans to medium and large companies and the distribution of life insurance products , so as to substantially and lastingly prejudice competition".
Charles Messina, chief executive officer of Intesa Sanpaolo, underlines that the go-ahead from the Antitrust “is fundamental, because it guarantees Ubi shareholders who accept the offer the total correctness of the transaction from a regulatory point of view. Indeed, the Authority's provision confirms that the operation, in relation to the commitments proposed by ISP, is fully compatible with competition, in order to protect both the competitive dynamics of the Italian banking market and consumer rights. This decision also guarantees the birth of a project which has among its objectives the creation of a group at the top of the European banking sector, at the same time strengthening the domestic context. Lastly, I would like to express my sincere appreciation for the Authority's work and for the timing with which it concluded the investigation: UBI's shareholders, in fact, are now in possession of all the information necessary to be able to better evaluate our offer and make their choice”.
The membership period the public exchange offer – agreed by Intesa Sanpaolo with Borsa Italiana – started at 8.30 on 6 July and will end at 17.30 on 28 July.
SECURITY UPDATE TRAINING
The major Brescia shareholders of Ubi Banca have decided to join Intesa Sanpaolo's Ops, but expect a tweak to the offer. The president of the Shareholders' Union, Franco Polotti, informed the "Giornale di Brescia".
“'We are in favor of joining the Intesa proposal – explains Polotti – Covid has imposed new reflections consistent with history, style and value. In the light of the market trend, I am convinced, indeed certain, that Intesa is very clear that in order to reach the majority of 66,67% it must reconsider the economic proposal to win convinced adhesion to the Ops. This is the concrete and legitimate expectation of our shareholders that cannot be disregarded".
With about 8% of the shares controlled by the Brescia pact, while there are eight working days left before the conclusion of the PEO, acceptances of the offer represent just under 15% of the shares.
Meanwhile, the Intesa Sanpaolo Group was awarded by Euromoney as “Best Bank in Italy”. The judgment takes into account a wide range of criteria, including financial solidity, the level of digitization, excellence in mobile banking, shareholder remuneration, the marked attention to the social values in banking, the level of credit dedicated to families and businesses during the crisis caused by the Coronavirus.
The ranking is drawn up annually by Euromoney, the leading publication for the international financial and banking markets, which assigns awards based on quantitative and qualitative analyzes of services and performance and on the basis of surveys among institutional operators in the sector.
