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Bond Market News
BMPS Approves Bids for Banco BPM and Generali
August 21, 2026
– Vandit P
Banca Monte dei Paschi di Siena (BMPS) has approved plans to launch share-based bids for rival Banco BPM and wealth manager Banca Generali. The move seeks to counter Intesa Sanpaolo’s €36bn takeover offer for BMPS. The proposed transactions would create a combined banking and wealth-management group valued at ~€70bn, compared with Intesa’s €121bn market value. BMPS CEO Luigi Lovaglio secured majority board support for the plan, although Italian takeover rules require qualified shareholder approval because of Intesa’s existing offer.
BMPS had previously explored a merger with Banco BPM, but talks ended in July after BPM’s largest investor, Crédit Agricole, opposed the deal. BMPS now intends to use its strengthened financial position following its €16bn acquisition of Mediobanca, to finance the proposed transactions. The Mediobanca deal also gave BMPS a 13% stake in insurer Generali, worth €8.5bn. Lovaglio has strongly criticised Intesa’s proposal which involves retaining Mediobanca, the Generali stake and about half of BMPS’s branches while selling the remainder to satisfy antitrust requirements.
Bonds of BMPS traded stable. For instance, its EUR 3.25% 2032s were at 98.3, yielding 3.6%
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