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BPPUY - Intesa: Surprising Bid On UBI Banca Doesn't Change Income Appeal
Unione Di Banche Italiane ADR
Intesa Sanpaolo (ISNPY) has made a surprising offer to combine with UBI Banca, but this isn't a threat to its investment case that continues to be based on its high and sustainable dividend yield.
Background
As I've discussed recently, Intesa's investment case is mainly related to its high-dividend yield that seems to be sustainable over the long-term. However, the bank also has growth ambitions and has recently announced a surprising offer for its smaller competitor UBI Banca (BPPUY), which may lead investors to question Intesa's dividend path in the next