(Alliance News) - The board of directors of Monte dei Paschi has unanimously approved, after a lengthy meeting, the pathway leading to integration with Mediobanca, in line with what was outlined a year ago in the offer document and already reviewed by the European Central Bank.
The board announced that it will proceed with the "full integration" of Mediobanca, of which Siena holds 86.3%, through a merger by incorporation and the consequent delisting of the Milanese institution.
As explained by Corriere della Sera on Wednesday, the corporate & investment banking and high-end private banking activities will be merged into an unlisted company, 100% controlled by MPS, which will retain the Mediobanca name. The declared goal is to maximize value creation.
The 13.2% stake in Assicurazioni Generali will remain with the new Mediobanca, which will exit the stock market after 70 years on the exchange and 80 since its founding.
The MPS board emphasized that the Mediobanca brand will remain "of the highest value," synonymous with excellence in advisory services for businesses and individuals.
Mediobanca's board has also acknowledged the decisions and has initiated the process for the merger, in compliance with related-party regulations and legal obligations.
Details will be presented on Friday, February 27, by MPS CEO Luigi Lovaglio. Expected synergies amount to EUR700 million, which could even be exceeded. Consumer credit activities are expected to remain within MPS, while Premier could be merged into Widiba, Siena's subsidiary.
Working on the dossier for MPS are JP Morgan, UBS, Jefferies, McKinsey, and Deloitte; Mediobanca relies on Rothschild and lawyers Carlo Pavesi and Duccio Regoli for the related parties committee.
The operation will take time and is also part of the process of renewing the board of directors, with a list of 20 candidates from which 15 will be chosen, following discussions with key shareholders, including Delfin and Caltagirone.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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