Ubi-Intesa Sanpaolo merger: what changes for customers

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On 25 June, Consob gave the green light to the prospectus presented by Intesa Sanpaolo for a capital increase transaction aimed at launching a Public Subscription Offer on Ubi Banca. The offer, in particular, will start on July 6 and will close on the 28th of the same month. After the Antitrust observations, an additional agreement was established according to which Bper will take over 532 Ubi branches.

Both banks had already been involved in mergers and acquisitions. A precedent relates to Banca Intesa, which acquired BPVI and Veneto Banca after their forced liquidation. On 10 May 2017, however, UBI Banca acquired Nuova Banca delle Marche, Nuova Banca dell ‘Etruria e del Lazio and Nuova Cassa di Risparmio di Chieti.

The consequences for customers

But what will be the impact of the operation on the customers of the two institutions in the event of an effective merger?

A first consequence will probably be the migration to new bank account details for thousands of account holders, a circumstance that, even if it will be conducted in the best possible way and with the priority of minimizing inconvenience, it cannot exclude errors such as missing credits (or debits) or delays in operations.

It will then be necessary to carry out the replacement of cards, ATMs, checkbooks for all customers of the acquired bank. For the latter, it will also change home banking and all commonly used access codes.

The operation will also cause major changes in terms of bank staff, with the possible closure of some branches and the movement of part of the staff: the customers of the institute, therefore, could lose their “reference points”, which helped them in managing their savings.

Then there is the chapter relating to investigations which concern the provision of mortgages and loans, which must be adapted to the new credit policies. This circumstance could give rise to unpleasant inconveniences for customers, who could be denied the provision of a mortgage, despite the deposit already paid.

The most disadvantaged customers

Among the customers that will suffer the most inconveniences there will probably be those of both banks involved in the merger, who, having current account credit lines in the two institutions, could see their cash availability reduced because the new bank may not want to maintain a concession equal to sum of the two exposures.



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