Intesa Sanpaolo shareholders approved a capital increase on Thursday to fund the acquisition of Banca Monte dei Paschi di Siena. Nearly 97% of voters supported the proposal.
The board now holds authority to issue up to 5.7 billion new ordinary shares. CEO Carlo Messina described the approval as a key step toward completing the transaction.
Messina stated the bank aims to build a group with a larger European presence and greater value for Italy. Intesa Sanpaolo shares rose 0.4% following the announcement.