A point for Tuscany in the great Italian banking risiko. The Ministry of Economy and Finance (Mef) will maintain its 4.8% stake in Monte dei Paschi di Siena and will not proceed with the sale. This was reported by the President of the Tuscany Region Eugenio Giani at the end of this afternoon’s meeting (Tuesday, August 25) with the Minister of Economy Giancarlo Giorgetti, dedicated to the future of the Siena institution. A position that could become relevant in the game between Intesa Sanpaolo’s Opas and Mps’s defensive project on Banco Bpm and Banca Generali.
The meeting was prepared yesterday by Giani himself as an important step to bring the demands of the Tuscan territory to the government. With him participated the Mayor of Siena Nicoletta Fabio and the President of the Province Agnese Carletti. “We will insist strongly because the State realizes that it is not possible to segment what today is a historic reality that since 1472 represents a bank of international importance,” Giani said, asking to avoid any hypothesis of fragmentation of the bank, starting from the sale of branches.
The confirmation that the Treasury will keep the almost 5% still held in Mps thus goes in the direction hoped for by the Tuscan institutions. For Giani, that participation can allow the State to have a say in future decisions and help protect the integrity of the institution, the headquarters in Siena, and employment levels. The request to the government also includes the evaluation of all institutional safeguard tools, including, if necessary, the Golden Power.
In Siena the city council on the future of the bank
On September 2 in Siena, there will also be an extraordinary city council with on the agenda the evaluation of initiatives to safeguard Monte dei Paschi di Siena. This was reported by Mayor Fabio from the meeting. “Rocca Salimbeni is a great symbol not only for Siena – she said – because we are facing a bank that has national strategic value and the Minister shared this opinion and showed great sensitivity.” “The important thing, and this is what I insisted on together with President Giani and President Carletti – she continued – is the safeguarding of the bank’s integrity, which is a bank that not only has a history but above all a relationship with the territory, not only Siena, with customers, families, businesses, and the related industries.”
The game is played against the backdrop of the Opas launched by Intesa Sanpaolo on Mps and the counteroffensive by CEO Luigi Lovaglio. Mps has in fact put on the table two public exchange offers to acquire Banco Bpm and Banca Generali, with the aim of building a large Italian banking group and making integration with Intesa less likely.
The situation of the offers
The complexity of the operation remains one of the main questions. According to Equita, Intesa’s offer continues to present the best risk-return ratio for Mps shareholders, thanks to greater visibility on synergies, a stronger capital position, and a higher expected value creation. Equita nevertheless confirms the “Buy” rating on Mps stock, with a target price of 12.40 euros, but highlights a high execution risk for Lovaglio’s project.
Mps’s strategy indeed requires managing three integrations simultaneously: Mediobanca, Banco Bpm, and Banca Generali. The synergies hypothesized are particularly ambitious: about 7% of combined revenues and 24% of the cost base, compared to percentages around 4% and 10% respectively in the scenario of aggregation with Intesa.
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Meanwhile, on the front of the two Mps offers, Banco Bpm is called to a first evaluation of the operation, while Generali has stated it wants to examine the proposal on Banca Generali “without prejudice” and without an initial exclusion. So there are still many variables in the game.
But the Mef decision communicated by Giani introduces a precise political element: the Treasury will remain a shareholder of Mps while the fate of the bank is decided. For Tuscany, it is a tool to try to defend the institution’s autonomy and prevent its dismantling. For the government, a 4.8% stake means retaining influence in the most delicate phase of the Italian banking risiko.
Banco Bpm’s statement
“The Board of Directors of Banco BPM (“Banco BPM”), meeting today, examined the communication issued on August 21, 2026 by Banca Monte dei Paschi di Siena S.p.A. (“MPS”) pursuant to art. 102, paragraph 1, of Legislative Decree 24 February 1998, no. 58, regarding the decision to promote a voluntary public exchange offer on all ordinary shares of Banco BPM (the “Offer”).
The Board of Directors took note of the Offer, promoted on MPS’s initiative without being previously agreed with Banco BPM nor solicited by the latter, and noted that the Offer, which by its nature represents an operation structurally different from that proposed by Banco BPM to MPS with the letter of June 7, 2026 as it is configured as an acquisition, not a merger between the two banks, does not present a premium for Banco BPM shareholders.
The Board of Directors will carry out its own evaluations on the Offer and will announce its determinations in this regard within the terms and in the manner provided by applicable law.”
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