Monte dei Paschi di Siena faces takeover bids from Banco BPM and Intesa Sanpaolo

Italian trade unions warned that recent proposals to merge or acquire Monte dei Paschi di Siena (MPS) could harm the historic bank’s role in the Siena region. First‑Cisl Toscana and First‑Cisl Siena called for a dialogue table, stressing the importance of protecting jobs, local services and the bank’s identity.

MPS’s board considered two offers: an aggregation proposal from Banco BPM and a public share‑exchange offer from Intesa Sanpaolo. The bank confirmed it will evaluate both options with advisers UBS Europe, BofA Securities, BonelliErede and White & Case, while integration with Mediobanca continues as previously announced. Stakeholders expressed concern that a merger could erase the “di Siena” label and lead to the loss of more than 600 branches, affecting employment and the city’s economic influence.

Union leaders stressed that any future path must safeguard workers’ rights and maintain the bank’s strategic link to the local community, which they view as essential for Tuscany’s economy.