Monte dei Paschi to Integrate Mediobanca, Delisting Planned

Siena, Italy – February 17, 2026 – The Board of Directors of Banca Monte dei Paschi di Siena (MPS) has approved the full integration of Mediobanca through a merger by incorporation, resulting in the delisting of Mediobanca. This strategic move aims to focus on corporate & investment banking and private banking for high-finish clients within a dedicated, unlisted company retaining the “Mediobanca SpA” brand.

Strategic Rationale for the Integration

The integration is designed to achieve strategic and profitability objectives, maximizing value creation through industrial synergies. According to MPS, the new structure will enhance Mediobanca’s distinctive expertise and professional resources within a specialized operating model. MPS announced the decision following a board meeting chaired by Nicola Maione.

Key Components of the Deal

• Merger by Incorporation: Mediobanca will be fully absorbed into the Montepaschi Group.
• Delisting: Following the merger, Mediobanca will be delisted from the stock exchange.
• New Unlisted Company: Corporate & investment banking and private banking activities for high-end clients will be transferred to a wholly-owned, unlisted company of MPS, which will operate under the “Mediobanca SpA” name.
• Assicurazioni Generali Stake: The equity stake in Assicurazioni Generali SpA will also be included within this new perimeter.

Leadership and Approval

The decision was made by the MPS Board of Directors under the chairmanship of Nicola Maione. Il Sole 24 Ore reports that the move confirms choices indicated in an offer launched 13 months prior regarding Mediobanca, aligning with the integration plan proposed by CEO Luigi Lovaglio.

Implications for Mediobanca Brand

MPS emphasizes the high value and unique expertise associated with the Mediobanca brand, positioning it as synonymous with excellence in advisory services. The company intends to leverage this brand recognition within the new, specialized operating model. Il Messaggero confirms that MPS informed Mediobanca of the decisions, which were made in compliance with regulations concerning transactions with related parties.

Looking Ahead

This integration marks a significant shift for both MPS and Mediobanca, aiming to create a more focused and synergistic financial group. The focus on corporate & investment banking and private banking for high-end clients suggests a strategic repositioning within the Italian financial landscape.