By Adam Whittaker
Banca Monte dei Paschi di Siena said the integration of Mediobanca is progressing after the companies' boards agreed to a plan that will demerge Mediobanca's corporate and investment banking activities into an unlisted company.
Monte Paschi launched a surprise $19 billion bid for Mediobanca early last year and said it would delist the Italian investment bank from Milan's stock exchange.
The bank said late Monday that it expects to complete the corporate reorganization by the fourth quarter of this year. Under the plan, Mediobanca's corporate and investment banking unit, as well as its private banking arm for wealthy clients, will be transferred into an unlisted company that will retain the Mediobanca name. This unit will also hold Mediobanca's stake in the Italian insurance company Assicurazioni Generali.
Monte Paschi, widely considered the world's oldest bank still in operation, is itself now subject to a bidding war after domestic peers Intesa Sanpaolo and Banco BPM both made representations for a deal. Earlier this month Intesa Sanpaolo launched a $35 billion takeover offer.
Monte dei Paschi di Siena said afterward that it was reviewing the proposals and the integration of Mediobanca was proceeding according to plan.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
June 23, 2026 02:04 ET (06:04 GMT)
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