ECB Clears Merger of Italy's Third-Largest Bank Group

The European Central Bank (ECB) has approved the merger of Monte dei Paschi di Siena and Mediobanca, two major Italian banks. The ECB's approval was obtained on September 3, following a lengthy review process.

The merger plan, which was approved by both banks' boards on March 10, 2026, involves an exchange ratio of 2.450 MPS shares for each Mediobanca share and targets full effectiveness by the end of 2026. Through the merger, Monte dei Paschi aims to streamline governance, leverage synergies estimated at approximately €0.7 billion, retain Mediobanca's brand identity for corporate and private banking, and solidify its position as Italy's third-largest banking group.