June 17, 2020 / 11:21 AM / 16 days ago

Italy's insurance regulator clears Intesa's UBI deal

MILAN, June 17 (Reuters) - Italy’s insurance authority has cleared Intesa Sanpaolo’s proposed acquisition of rival UBI Banca, providing the last regulatory green light awaited by market watchdog Consob to examine the offer’s document.

Intesa said in a statement on Wednesday, IVASS had authorised it to gain control of UBI’s in-house insurance arm BAP and acquire significant holdings in UBI’s insurance joint-ventures Aviva Vita and Lombarda Vita.

Consob has now five days to give its go-ahead to the prospectus for the multi-billion, all-paper offer Intesa unveiled in February to take over UBI and create the euro zone’s seventh-biggest banking group.

Reporting by Valentina Za, editing by Giulia Segreti

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