What the World’s Oldest Bank Reveals About EU Financial Integration
What the World’s Oldest Bank Reveals About EU Financial Integration
To fend off an attempted takeover, Banca Monte dei Paschi di Siena has launched its own bids for two other Italian banks. The episode shows why EU policymakers should focus less on making governments surrender their influence over national banking systems and more on building a European financing channel.
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BOLOGNA—After seven hours of deliberations on August 20, the board of Banca Monte dei Paschi di Siena emerged with an extraordinary decision. Founded in 1472 and rescued by Italian taxpayers in 2017, Monte dei Paschi defended itself against Intesa Sanpaolo’s €30.6 billion ($35.7 billion) takeover bid by launching share-exchange offers for Banco BPM and Banca Generali, totaling roughly €34 billion, while distributing another €4 billion to its own shareholders.
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