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Bond Market News
Banco BPM Invites BMPS for €50bn Merger; Intesa Weighs Move
June 8, 2026
Banco BPM has formally invited Banca Monte dei Paschi di Siena (BMPS) to explore a merger of equals that would create Italy’s second-largest bank with a combined market capitalization of around €50bn ($57.7bn). BPM’s board, including representatives of its largest shareholder Crédit Agricole, unanimously approved the approach. Banco BPM estimates annual pre-tax synergies exceeding €1.1bn ($1.3bn). BMPS said it would withhold comment until its board meets on Monday. BMPS has simultaneously attracted interest from Intesa Sanpaolo and BPER Banca. Intesa’s board reportedly met on Sunday to discuss a potential bid. Intesa is understood to be interested only in select parts of BMPS rather than the whole entity. BMPS emerged as a consolidation target following its state bailout in 2017, reprivatisation in 2023–24, and acquisition of Mediobanca last year. Banco BPM became a core shareholder of BMPS during the reprivatisation efforts in November 2024, a move that triggered UniCredit’s ultimately failed takeover bid for Banco BPM in July 2025.
Bonds of both Banco BPM and BMPS traded stable. For instance, Banco BPM’s EUR 6.25% Perp was at 103, yielding 5.4%. MPS’s EUR 3.25% 2032s were at 98.7, yielding 3.48%
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