MPS is racing to merge with Banco BPM and Banca Generali to form Italy’s third-largest bank, slashing billions in costs—but a hostile bid from Intesa Sanpaolo looms, forcing shareholders to vote by October 29. Earlier merger talks with Banco BPM collapsed over investor resistance, while Intesa’s 30.6 billion euro offer could make it Europe’s second-biggest lender. Amid Italy’s banking consolidation wave—UniCredit eyeing Commerzbank, Banca CF+ snapping up Banca Sistema—MPS, newly reprivatized after its 2017 bailout and recent 16-billion euro Mediobanca takeover, is at the epicenter of a turbulent reshaping of the sector.
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