UniCredito Italiano's €16bn ($19.7bn) planned takeover of HVB Group has received the backing of the Italian bank's largest shareholder. The boards of the two banks are expected to reach a final agreement as early as Sunday.

Fondazione Cassa di Risparmio di Torino, which holds 8.7% of UniCredito, said on Tuesday it would support the merger.

Largest UniCredito shareholder backs HVB takeover

Nick Clark

Michael Herman

UniCredito

Deutsche Bank

Mediobanca

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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