Deep Read: Showdown in the Italian banking poker – Intesa Sanpaolo reaches for the oldest bank in the world
The battle for Monte dei Paschi is the culmination of a wave of bank consolidation in Italy. According to experts, it is a harbinger of what will soon hit all of Europe.
The future of Italy's banking sector will be decided at a Monte dei Paschi di Siena (MPS) shareholder meeting. MPS CEO Luigi Lovaglio's plan to acquire Banco BPM and Banca Generali to prevent a takeover by Intesa Sanpaolo is expected to be rejected. If rejected, Intesa Sanpaolo may acquire MPS and Mediobanca, a Milan-based investment bank, in a deal worth €31.4 billion.
This would be one of Italy's largest banking takeovers and a significant step in the country's ongoing banking consolidation, dubbed "Risiko bancario". The deal would make Intesa Sanpaolo Italy's largest bank, focused on domestic business.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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