Green light from Ivass to Intesa Sanpaolo's Ops on Ubi Banca. Pending the hearing before the Antitrust, the bank led by Carlo Messina has received prior authorization from the Insurance Supervisory Authority for the indirect acquisition of a controlling stake in BancAssurance Popular, a company in the Life business controlled by Ubi, and qualified holdings in Aviva Vita and Lombarda Vita, the group's bancassurance companies. Now the ball passes into the hands of Consob which will have to approve the prospectus and give the go-ahead for the launch of the offer on the market.
“With reference to the all-encompassing voluntary public exchange offer concerning a maximum of no. 1.144.285.146 ordinary shares of Unione di Banche Italiane SpA (“UBI Banca”), communicated on 17 February 2020 and subject to a subsequent press release of the successful filing of the offer document with Consob on 6 March 2020, it is announced that today Intesa Sanpaolo has received the preventive authorizations from the Insurance Supervision Institute (IVASS). the indirect acquisition of a controlling interest in BancAssurance Popolari SpA and qualified equity investments in Aviva Vita SpA and Lombarda Vita SpA pursuant to art. 68 of Legislative Decree 7 September 2005, n. 209".
This is what can be read in a note released by Intesa which also informs that it has also received prior authorization from the Luxembourg authority Commission de Surveillance du Secteur Financier for the indirect acquisition of a controlling stake in Pramerica Management Company, which is based in Luxembourg.
Going back to the Ops on Ubi, with the ok from Ivass another fundamental step in the process is completed which should lead to the acquisition of the bank led by Messiah, after the authorizations received from Intesa by Bank of Italy and the ECB. We remember that Consob's opinion should also arrive in a few days while, to answer the concerns raised by the Antitrust in view of Thursday's hearings, Intesa has signed a new agreement with Bper. According to the provisions, Bper will acquire 532 branches based on the generic indications contained in the previous agreement.
Furthermore, on 16 June, the board of directors gave the go-ahead to the capital increase functional to the Ops.
