UBI CEO steps down after successful Intesa’s takeover

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

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 Mandal; editing by Valentina Za)