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Bond Market News
Monte Paschi and Banco BPM Explore Cash Component in Merger
July 28, 2026
Advisers for Banca Monte dei Paschi di Siena (BMPS) and Banco BPM are negotiating a potential “merger of equals” using a mix of stock and cash, as per sources. The proposed deal is expected to serve as an alternative to Intesa Sanpaolo’s €35bn hostile takeover attempt. Analysts note that it would preserve BMPS as an intact entity, creating a robust third banking force in Italy to rival Intesa and UniCredit. In contrast, the sources note that Intesa’s offer involves breaking up BMPS by transferring a substantial portion of its branch network to BPER Banca. BMPS’ board previously dismissed Intesa’s bid as too low while signaling that Banco BPM’s structure warrants rigorous assessment. Any finalized agreement will likely involve select branch sales to meet antitrust requirements and a sign-off from Crédit Agricole which is Banco BPM’s largest shareholder with a near 30% stake.
Bonds of Intesa, BMPS and Banco BPM traded stable.
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