Unione di Banche Italiane SpA said Oct. 17 that its absorption of subsidiaries Banca Adriatica SpA and CARILO – Cassa di Risparmio di Loreto SpA will take effect Oct. 23.
Following the effective date, the share capital of both subsidiary banks will be cancelled. Some 40,640 UBI Banca shares will be issued in exchange for 64,000 CARILO shares held by its sole minority shareholder, increasing UBI Banca's share capital by €101,600.
The issued shares will be listed on Borsa Italiana's electronic stock exchange and will be managed in centralized and dematerialized form by Monte Titoli SpA.
UBI Banca will not issue new shares in connection with the incorporation of Banca Adriatica as the parent firm wholly owns the unit.
Meanwhile, the merger of Banca Tirrenica SpA and Banca Federico Del Vecchio SpA into UBI Banca is set to complete by November-end, while that of Banca Teatina SpA is scheduled to close by the end of February 2018.
The mergers by incorporation are part of UBI Banca's single-bank project.