Intesa gets ECB nod for UBI takeover, waives 'MAC' clause

MILAN (Reuters) - Italian bank Intesa Sanpaolo said on Friday it had received European Central Bank authorisation to take over smaller rival UBI Banca , adding it was waiving a clause that would have allowed it to drop the deal due to COVID-19.Shortly before coronavirus contagion emerged in Italy in February, Intesa unveiled a surprise all-paper bid for UBI to create the euro zone's seventh largest banking group, with a focus on insurance and wealth management.Intesa, which also needs approval..