Susanna Riva The European Central Bank has officially approved the merger of Mediobanca into Monte dei Paschi di Siena (MPS). This decision represents a key step in the Siena-based bank's corporate reorganization, which can now proceed with the planned operations.
The news was made public through an official statement from MPS, which emphasized that the ECB had authorized not only the merger with Mediobanca, but also the consequent statutory changes necessary to complete the process.
ECB authorizations and corporate transactions
The ECB has also given its approval to other corporate reorganization transactions that will be submitted to the MPS Shareholders' Meeting for approval. Among these, the dual takeover bids for Banca Generali and Banco BPM will be put to the vote, along with the merger with Mediobanca, during the meeting on October 29.
This decision comes after a waiting period, during which MPS faced the absence of two minority directors: Fabrizio Palermo, who resigned, and Carlo Vivaldi, who was removed from office. The ECB supervisory body has successfully completed the fit and proper review of the candidate directors Alessandro Caltagirone and Gianluca Brancadoro , who are now eligible to join the board of directors.
The times of co-optation and the complaints of the minority
The timing of the replacement of the outgoing members had sparked some protests from the minority, with four directors sending a letter to the president urging him to expedite the co-optation process. MPS, however, emphasized that the ball was in the supervisory board's court, to which the documents had been sent in early June.
The average time required to complete the fit & proper process, according to ECB data, is 97 days.
Around the middle of next week, MPS is expected to submit the offer documents for Banco BPM and Banca Generali to Consob , after having submitted requests to the various authorities involved, including the ECB, Bank of Italy , Ivass Antitrust , and the government regarding the Golden Power aspects.
The next steps for MPS
The October 29th meeting will be a crucial moment for MPS, which will need to obtain shareholder approval for ongoing transactions. Given that Rocca Salimbeni is subject to the passivity rule as a result of Intesa Sanpaolo's takeover bid, the decisions made at this meeting will have a significant impact on the institution's future.
The merger with Mediobanca and the planned corporate transactions represent an important step towards the stabilization and growth of MPS. The ECB's decision has paved the way for a series of changes that could redefine the Italian banking sector.