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 review is an investigation, not a finding that competition rules have been breached.
Intesa launched the exchange offer on 8 June 2026, according to the authority. Reuters reported that the bank had offered to dispose of half of Monte dei Paschi’s branches to address competition concerns. The transaction remains proposed while the authority conducts its review.
COMPETITION CONCERNS ACROSS LOCAL MARKETS
Reuters said the authority identified possible concerns in 20 provinces for deposits and 17 provinces for lending to small and medium-sized businesses. The geographic assessment matters because banking competition can differ materially between national and local markets. The investigation will test whether the proposed remedies adequately address those overlaps.
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 branch-disposal proposal is an offered remedy, not a completed divestment. The competition inquiry will determine whether the transaction, with any commitments, would preserve sufficient choice for depositors and business borrowers. No final competition clearance was announced in the sources reviewed.
The next milestone is the authority’s decision on the investigation and any binding remedies it may require. Until that process concludes, the bid’s regulatory status remains unresolved. Investors and customers will need to distinguish the opening of the inquiry from a final ruling on the transaction.