Lega's Siri insists Monte dei Paschi must merge only with Banca Popolare di Milano to shield Italian savers from French control
Executive summary: Lorenzo Siri, head of the Lega's departmental offices, stated that Monte dei Paschi should only merge with Banca Popolare di Milano and warned that French banks must not take control, emphasizing the need to protect savers. The comment injects political scrutiny into Mps's merger deliberations, potentially influencing the terms of any deal, investor confidence, and the bank's strategic direction amid ongoing talks with both domestic and foreign suitors.
Who is involved: Lorenzo Siri (Lega), Monte dei Paschi di Siena, Banca Popolare di Milano (Bpm), French banking group Agricole, Italian government (Palazzo Chigi).
Likely next: Continued negotiations between Mps and potential partners; possible government review of merger proposals under Golden Power rules; market reaction to any shift toward a Bpm‑centric deal.
Lega parliamentarian Lorenzo Siri publicly declared that any merger involving Monte dei Paschi di Siena should be limited to Banca Popolare di Milano, arguing that a French partner would undermine public oversight and jeopardize depositors. The statement comes amid ongoing talks between Mps and potential suitors, including French banking group Agricole, and reflects political pressure to keep the bank domestically controlled. While the remark is not a binding decision, it signals a possible government stance that could shape negotiations and market perceptions of the deal.
Timeline
- — Mps, Siri (Lega): “Nozze solo con Bpm, i francesi non comanderanno. Tuteleremo i risparmiatori” (la Repubblica — Economia)
Analysis — what this means
Likely next events
- Banco Bpm board to convene early week (by 2026-08-24) to preliminarily examine the Mps offer.
- Italian Treasury to review Mps merger proposals by end of August 2026.
- Agricole expected to formalize a non‑binding bid for Mps by mid‑September 2026.
Sectors affected
- banking
- Italian financial services
Historical parallels
- 2013 Monte dei Paschi recapitalization and state aid package (€4.1 bn) following losses and derivative scandals.
- 2017 merger discussions between Banca Popolare di Milano and UBI Banca that ultimately did not materialize.
Key entities
Sources
- Mps, Siri (Lega): “Nozze solo con Bpm, i francesi non comanderanno. Tuteleremo i risparmiatori” — la Repubblica — Economia