UBI CEO steps down after successful Intesa’s takeover

The headquarter of UBI bank is seen in Brescia, Italy

UBI Banca (UBI.MI) CEO Victor Massiah said on Monday he was leaving his position with immediate effect following a successful takeover bid by bigger rival Intesa Sanpaolo (ISP.MI).

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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