Monte dei Paschi di Siena: Siena leaders demand state protection

Local institutions in Siena have unanimously approved a motion to protect the integrity, autonomy, and territorial roots of Monte dei Paschi di Siena (MPS) following a takeover bid from Intesa Sanpaolo. The Siena City Council, supported by the Province and the Tuscany Region, is calling on the Italian government to take an active role in defending the bank.

Regional President Eugenio Giani and other local leaders are urging the Ministry of Economy and Finance (MEF) to utilize its 4.86% stake in the bank to prevent its dismantling and ensure that decision-making remains in Siena. They emphasize that maintaining the bank's current structure is vital for local employment, the regional economy, and the stability of the national banking system.

Riccardo Coppini, president of the Fondazione Monte dei Paschi di Siena, warned that any significant downsizing of the institution would be a major blow to the local community and its economy. While the Foundation's financial participation has diminished, officials stress that the bank's identity and its connection to the territory must be preserved during the ongoing consolidation process.