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Italy's UBI Banca completes Banca Teatina merger

Italy's Unione di Banche Italiane SpA completed a deal to merge Banca Teatina SpA into itself, followed by the migration of its IT system.

The bank migrated 58 branches and operating facilities, 682,166 customer registrations and 73,395 current accounts. Also migrated were 30,762 securities custody deposits.

This is the 10th system migration carried out during the last 15 months by UBI Banca.

The merger concludes UBI Banca's single-bank project, which involved the absorption of seven subsidiaries — Banca Popolare di Bergamo SpA, Banco di Brescia SpA, Banca Popolare Commercio e Industria SpA, Banca Regionale Europea SpA, Banca Popolare di Ancona SpA, Banca Carime SpA and Banca di Valle Camonica SpA — four months ahead of schedule, as well as the integration of three rescued lenders.