Monte dei Paschi incorporates Mediobanca and sanctions its delisting from Piazza Affari

Monte dei Paschi has made its choice: Mediobanca will be merged by incorporation and leave Piazza Affari. The decision was taken by the board of directors chaired by Nicola Maione. The project also envisages that the corporate and investment banking and private banking activities serving high-end clients will be transferred to an unlisted company wholly owned by Banca Mps, which will retain the name 'Mediobanca spa'. The go-ahead given by Rocca Salimbeni's board of directors thus confirms the choices indicated in the takeover bid launched 13 months ago on the bank of Piazzetta Cuccia and the line of integration proposed by CEO Luigi Lovaglio.

"The corporate & investment banking and private banking activities serving high-end clients" of Mediobanca "will be transferred to an unlisted company wholly owned by Mps that will maintain the name of 'Mediobanca S.p.A'. This was announced by Mps in the note announcing the delisting and the incorporation of Piazzetta Cuccia, specifying that "the stake in Assicurazioni Generali will also be included in this perimeter".

"The group's new structure is aimed at the achievement of strategic and profitability objectives and the full realisation of industrial synergies for the maximisation of value creation", explains Mps, which emphasises that Mediobanca is "a brand of the highest value with a unique wealth of expertise and synonymous with excellence in advisory services to businesses and individuals". "This configuration," the note continues, "is aimed at enhancing the distinctive expertise of Mediobanca and its professional resources, in a specialised operating model".

Mps, the note concludes, informed Mediobanca that it has taken note of the decisions taken by the parent company in compliance with the rules on related party transactions and legal obligations.