Siena institutions petition EU over Intesa Sanpaolo takeover of Monte dei Paschi

The Municipality of Siena, the Province of Siena, and the Tuscany Region have formally written to the European Commission’s Directorate-General for Competition regarding Intesa Sanpaolo’s takeover bid for Monte dei Paschi di Siena (MPS).

The joint letter requests that the Commission closely examine the potential impacts of the operation on banking competition, the plurality of banking and insurance offerings, and the ability of the credit system to support families, small businesses, and micro-enterprises. The local institutions have outlined ten specific points for investigation, including the territorial dimension of banking markets and the long-term effectiveness of any proposed remedies.

While the transaction is currently under review by the Italian Antitrust Authority (AGCM) as part of proceeding C12836, the Tuscan authorities are urging European-level oversight to ensure that the concentration of banking services does not diminish credit access or market diversity in the region.