Banco BPM halts merger talks with Monte dei Paschi after Crédit Agricole veto
On 31 July 2026 the Board of Banco BPM voted unanimously to stop consultations on a potential merger with Monte dei Paschi di Siena, stating that the conditions for a shared agreement had not materialised. The decision followed a clear statement from Crédit Agricole, the bank’s largest shareholder with a 29.3 % stake, that it had received no concrete proposal or information on a merger and that nothing could be done without its consent. Crédit Agricole CEO Olivier Gavalda said, “We have not received any project, nor any information on a potential fusion between MPS and BPM, and therefore we cannot assess whether it would create value for shareholders.”
Banco BPM will remain focused on its own strategic plan and long‑term value creation. Monte dei Paschi acknowledged the board’s notice and reiterated its commitment to its growth plan and integration with Mediobanca, while continuing to evaluate all strategic options. The move clears the way for Intesa Sanpaolo’s €30.6 billion public takeover bid for Monte dei Paschi, which was launched in early June 2026.
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Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 3 SOURCES] Crédit Agricole says it has received no proposal for a merger between Monte dei Paschi and Banco BPM. (existing)
- [○ 1 SOURCE] CGIL claims merger talks could harm local services and the territorial economic fabric in Siena and Tuscany. (CGIL union statement)
- [● 15 SOURCES] Crédit Agricole holds a 29.3 % stake in Banco BPM. (Shareholding data)
- [○ 1 SOURCE] CGIL warns that a possible merger could affect more than 4,400 direct jobs in Tuscany. (existing)
- [○ 1 SOURCE] Banco BPM’s board decided to interrupt consultations with MPS, stating conditions for a shared agreement are not met. (new)
- [○ 1 SOURCE] The proposed merger was seen as potentially creating a new major banking group in Italy. (new)
- [● 2 SOURCES] Jérôme Grivet is vice‑CEO of Crédit Agricole. (new)
- [● 2 SOURCES] Olivier Gavalda is CEO of Crédit Agricole. (new)
- [○ 1 SOURCE] Four MPS councillors wrote to Cesare Bisoni and Pierluigi Pace questioning the handling of the Banco BPM proposal, citing irregularities. (new)
- [● 12 SOURCES] Banco BPM’s board unanimously decided on 31 July 2026 to interrupt consultations on a potential merger with Monte dei Paschi di Siena. (Banco BPM board decision)
- [○ 1 SOURCE] The CGIL union warned that more than 4,400 jobs in Tuscany could be at risk if the merger proceeds. (CGIL statements cited in news reports)
- [● 7 SOURCES] Crédit Agricole holds a 29.3 % stake in Banco BPM and said it had received no concrete merger proposal with Monte dei Paschi. (Statements by CEO Olivier Gavalda and vice‑CEO Jérôme Grivet)