MILANO (Reuters) – 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.
(Reporting by Andrea Mandalà; editing by Valentina Za)