Italy’s competition authority opened an investigation into Intesa Sanpaolo’s proposed acquisition of Banca Monte dei Paschi di Siena. The inquiry began on 14 September 2026, and the authority announced it the following day. It will assess the exchange offer’s potential effects on banking and insurance competition. The proceeding was opened under Article 16 of Law 287/1990, Italy’s merger-control provision.
Intesa launched the exchange offer on 8 June 2026, according to the authority. Under an agreement signed with Unipol on the day of the offer, Intesa would sell 635 Monte dei Paschi branches and the MPS brand to the insurer if the bid succeeds, according to the authority. The offer is conditional on, among other things, authorisation from the competition authority and acceptances representing at least 66.67% of Monte dei Paschi’s share capital.
COMPETITION CONCERNS ACROSS LOCAL MARKETS
Reuters said the authority identified possible concerns in 20 provinces for deposits and 17 provinces for lending to small businesses and producer households. The authority treats deposit markets as local, broadly corresponding to provincial boundaries. The investigation will test whether the transaction, net of the 445 branches already definitively identified for sale to Unipol, raises competition problems in those markets.
The authority is also considering insurance-market implications. Intesa’s acquisition would give it a 13% holding in Assicurazioni Generali, according to Reuters, raising questions about governance and information exchange. Intesa said on 16 September that insurance supervisor IVASS had granted prior authorisation for indirect qualifying holdings in Generali and AXA MPS insurance companies.
REVIEW REMAINS OPEN
The planned branch sale to Unipol is a contractual commitment, not a completed divestment. The authority will assess whether the transaction is likely to significantly impede effective competition in the banking and insurance markets it identified.
The next milestone is the authority’s decision on the investigation and any binding remedies it may require.