The Italian Competition Authority has formally launched an investigation into Intesa Sanpaolo’s proposed acquisition of sole control over Banca Monte dei Paschi di Siena. The antitrust proceeding, initiated under national competition law on September 14, 2026, stems from the €35 billion cash-and-stock public tender and exchange offer originally launched by Intesa Sanpaolo on June 8.
To preempt regulatory hurdles on the retail banking side, Intesa previously agreed to dispose of half of MPS’s branch network. However, preliminary checks by the regulator indicate that the transaction could still raise significant competition issues across local markets, including 20 Italian provinces regarding deposits, 17 provinces for small business lending, and 72 provinces regarding household lending.
Beyond core banking operations, the regulator expressed concerns over the transaction’s impact on the insurance sector, as the deal would hand Intesa a 13 percent stake in Generali, Italy’s largest insurer. While Intesa stated it does not intend to interfere with Generali’s management, it seeks board representation to benefit from specific capital relief rules. The antitrust authority warned that such structural and governance links, alongside potential information sharing between competitors, could weaken Intesa’s incentive to compete aggressively against Generali in the life insurance market and increase the risk of coordinated conduct.
