MILAN (Agency Report): Italian Prime Minister Giorgia Meloni has expressed hope that Monte dei Paschi di Siena (MPS) will retain its identity even as it faces a proposed €36 billion takeover by Italy’s largest lender, Intesa Sanpaolo.
Speaking in an interview with financial daily Milano Finanza, Meloni said she wanted the historic Tuscan bank to emerge from the ongoing consolidation process without losing its name or being broken apart.
Monte dei Paschi, which received a state bailout in 2017 before being returned to private ownership between 2023 and 2024, became the target of an unsolicited acquisition proposal from Intesa Sanpaolo in June.
Successive governments have viewed MPS as a key part of efforts to strengthen competition in Italy’s banking industry. Meloni reiterated that objective, saying the intention behind the bank’s reprivatisation was to encourage the emergence of a third major banking group capable of competing alongside market leaders Intesa Sanpaolo and UniCredit.
“The government is not an active player in the banking sector. We were involved in part when we controlled MPS, which we inherited in a comatose state and restored back to health,” Meloni said.
She added that the lender, widely regarded as the world’s oldest operating bank and deeply connected to the city of Siena, has become a valuable asset.
“I hope current market dynamics can lead to an even stronger and more competitive system, to the benefit of households and firms. And I hope MPS will not be dismembered, losing its name and identity,” she said.
Intesa Sanpaolo’s proposal includes plans to divest roughly half of MPS’s branch network, along with its Siena headquarters and brand, to insurer Unipol. Those assets would then be integrated with BPER Banca, which is controlled by Unipol.
MPS Chief Executive Luigi Lovaglio said last week that the bank is evaluating possible defensive measures against the takeover offer. He argued that dismantling the lender’s commercial network would erode its long-term value.
Meloni also commented on UniCredit’s hostile bid for Germany’s Commerzbank, noting that although UniCredit already owns Munich-based HVB, she expects the lender to maintain strong Italian roots.
“I hope a positive dialogue can be established between the bank and the German authorities,” she said.
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