ECB Clears Way for MPS-Mediobanca Merger as Shareholders Prepare Vote
The European Central Bank has given its approval for the merger of MPS (Monte dei Paschi) and Mediobanca. This clears the way for a vote on the deal, which may take place alongside other transactions at a general meeting scheduled for October 29th.
The ECB's decision also allows for the appointment of new members to the board of Siena, which has been 'short' since May due to the resignation and removal of minority directors Fabrizio Palermo and Carlo Vivaldi. The bank says it received authorisation from Frankfurt regarding the merger and other corporate reorganisation measures.
The fit-and-proper assessment for prospective new board members Alessandro Caltagirone and Gianluca Brancadoro has been completed, with ECB figures showing an average time of 97 days to complete such assessments. MPS is expected to submit offer documents for Banco BPM and Banca Generali to Consob early next week.