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Intesa’s €36 Billion MPS Bid Faces Antitrust Test in Banking and Insurance

By  |  September 27, 2026
Intesa Sanpaolo

Intesa Sanpaolo’s proposed €36 billion takeover of Banca Monte dei Paschi di Siena is confronting regulatory questions on two fronts, as the transaction could significantly expand the Italian lender’s position in both banking and life insurance.

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    According to a Reuters report, Intesa’s bid for Monte dei Paschi, or MPS, could leave the combined group with roughly 24% to 25% of Italian deposits and lending. That would put its market share at about twice that of its closest competitor.

    The potential concentration has already drawn regulatory scrutiny. Reuters Breakingviews reported that antitrust authorities have opened an investigation and identified possible competition concerns across nine Italian regions and numerous provinces. In some local markets, the combined bank’s share could reach about 40%, although the regulatory assessment remains preliminary.

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    Intesa Chief Executive Officer Carlo Messina has proposed selling about 635 branches — more than half of MPS’s network — to a smaller competitor as part of an effort to address those concerns, according to Reuters Breakingviews. Regulators could nevertheless seek additional disposals, potentially reducing some of the financial benefits Intesa expects from the acquisition.

    The transaction also presents a separate issue involving Assicurazioni Generali, Italy’s leading life insurer. MPS effectively controls a 13.5% interest in Generali, Reuters Breakingviews reported. An Intesa takeover of MPS could therefore give a major competitor in life insurance influence through a significant holding in the sector’s market leader.

    Intesa is already among Italy’s three largest life-insurance providers, according to the Reuters commentary. That overlap could prompt regulators to examine whether the Generali investment gives the bank influence over areas such as governance, corporate strategy or commercially sensitive arrangements.

    One possible response would be for Intesa to demonstrate that the Generali holding is strictly a financial investment rather than a strategic position that confers control or influence. Another possibility is that competition authorities could require Intesa to reduce the stake, Reuters Breakingviews said.

    Such remedies would add another layer of complexity to a transaction that MPS is resisting, but they would not necessarily eliminate its financial rationale. Reuters Breakingviews reported that Intesa expects about €1.5 billion in annual cost savings from acquiring MPS. A person familiar with the bank’s thinking told the publication that even a requirement to dispose of an additional 100 branches would not substantially reduce the projected synergies.

    The regulatory review therefore represents a key uncertainty for the proposed combination. How much of MPS’s branch network Intesa can retain — and what ultimately happens to the Generali holding — could determine both the structure of the transaction and how much of its anticipated financial benefit reaches Intesa shareholders.

    Source: Reuters