MPS Launches €34 Billion Bid for Banco BPM and Banca Generali

Monte dei Paschi di Siena, Italy’s oldest bank, has shifted from years of state-backed restructuring toward an ambitious expansion strategy. Acquiring Banco BPM and private-banking specialist Banca Generali would broaden MPS’s reach across retail banking, corporate finance and wealth management. The proposed combination could significantly reshape Italy’s fragmented banking sector and intensify competition among the country’s largest financial groups.

As of Aug. 22, 2026, MPS has launched two all-share offers worth about €34 billion in total. The proposal values Banco BPM at €25.31 billion and Banca Generali at €8.72 billion. Completion will depend on shareholder support, regulatory approvals and the final exchange terms, but the scale of the bids already marks one of the most consequential potential consolidations in European banking.