17 Hrs
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الاقتصادية
Italian bank invests $40B to buy two banks
The article focused on Monte dei Paschi di Siena, the Italian bank, trying to maintain its independence by offering two bids totaling around $40 billion to acquire two banks, Banca P.P.M. and Banca Generali, with the goal of forming Italy's third-largest bank. This move comes in response to a hostile takeover bid from Intesa Sanpaolo worth €36 billion. Monte dei Paschi’s proposal aims to avoid the potential breakup of the bank, with the strategy being to create a strong entity that would achieve annual savings estimated at about €2.6 billion, despite facing opposition from some shareholders and regulators. A vote on this plan is expected on October 29, while discussions continue about the feasibility of merging multiple banks simultaneously, with this move enhancing the bank’s ability to compete within the Italian and European markets.
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