Overview
- Monte dei Paschi will incorporate Mediobanca, which is set to be delisted, and form a wholly owned “new” Mediobanca focused on corporate and investment banking and high‑end private banking, retaining the Generali stake.
- Plans include combining Mediobanca Premier with Banca Widiba under the Mediobanca brand as part of an integration designed to deliver about €700 million in synergies and €16 billion in dividends over five years.
- Extraordinary shareholder meetings will be convened to vote on the merger at a two‑thirds majority threshold, with regulatory and golden‑power clearances also required.
- MPS named Corrado Passera, Fabrizio Palermo and Carlo Vivaldi as CEO candidates for a shareholder vote on April 15, and CFO Andrea Maffezzoni will lead investor meetings starting next week as Luigi Lovaglio steps back.
- The ECB has flagged concerns over board independence and stressed that the next chief executive must have clear autonomy of judgment and relevant banking experience, while shares in both banks rose about 5% after the announcement.