ISP Intesa Sanpaolo Spa

By Pietro Lombardi

Unione di Banche Italiane SpA has appointed Gaetano Micciche as its new chief executive officer, a move that kicks off its integration with Intesa Sanpaolo SpA.

Mr. Micciche replaces former Chief Executive Victor Massiah, who stepped down earlier this week after opposing Intesa's takeover bid.

UBI said Thursday that it will call a shareholders' meeting for Oct. 16 to appoint the new board of directors, since the current directors confirmed that their mandate will end with the shareholders' meeting.

Intesa Sanpaolo secured strong support for its takeover bid for smaller rival UBI, with more than 90% of the shares tendered under the offer.

Mr. Micciche will steer UBI through its integration with Intesa, a deal that creates Italy's largest bank by assets. The process should be completed by the end of next year, Intesa said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

August 06, 2020 10:15 ET (14:15 GMT)

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