Finance
Factbox-Who Owns What in Italy's Banking Battles
Published by Global Banking & Finance Review®
Posted on January 24, 2025
2 min readLast updated: March 1, 2026
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Quick Summary
Monte dei Paschi's buyout offer for Mediobanca marks a pivotal moment in Italy's banking consolidation, challenging Intesa Sanpaolo and UniCredit.
Italy's Banking Battles: Ownership and Key Players
ROME (Reuters) - Italian bank Monte dei Paschi di Siena (MPS)'s all-share buyout offer for Mediobanca on Friday is the latest surprise twist of an increasingly complex banking saga.
Long-awaited Italian banking consolidation has taken off in recent months, triggered by the state selling down its stake in MPS in November, paving the way for a third big banking group to compete with Intesa Sanpaolo and UniCredit.
The latter, not wanting to be left out of a wave of deal making, late last year made its own unsolicited play for Banco BPM, Italy's third-largest lender.
The situation is made more complex by key shareholders in the banks involved owning stakes in other lenders as well as Italian insurer Generali.
Those shareholders include Delfin, the holding company of late billionaire Leonardo Del Vecchio, and entrepreneur Francesco Gaetano Caltagirone.
The following table sets out the key shareholders in the financial groups involved. Data as of Jan. 23.
Market Cap (mln Value
euros) of
stake
46,262 GENERALI mln
euros
MEDIOBANCA 13.1
6,06
0
DELFIN 9.93
4,59
4
CALTAGIRONE 6.92
3,20
1
BENETTON 4.8
2,22
1
MEDIOBANCA
12,731
DELFIN 19.81
2,52
2
CALTAGIRONE 7.76
9
88
BLACKROCK 4.23
5
39
BANCA MEDIOLANUM 3.49
4
44
MPS
8,778
MEF 11.73
1,03
0
DELFIN 9.78
8
58
CALTAGIRONE 5.03
4
42
BANCO BPM 5
4
39
ANIMA 3.99
3
50
ANIMA
2,126
BANCO BPM 22.4
4
76
POSTE 11.95
2
54
FSI 9.77
2
08
CALTAGIRONE 3.46
74
BANCO BPM
12,508
CREDIT AGRICOLE 15.1
1,88
9
BLACKROCK 5.04
6
30
JPMORGAN 3.06
3
83
CALTAGIRONE 2
2
50
(Compiled by Stefano Bernabei, Editing by Gavin Jones, Tommy Reggiori Wilkes, Philippa Fletcher)
Key Takeaways
- •Monte dei Paschi offers buyout for Mediobanca.
- •Italian banking consolidation gains momentum.
- •Intesa Sanpaolo and UniCredit face new competition.
- •Key shareholders own stakes in multiple banks.
- •Delfin and Caltagirone are significant stakeholders.
Frequently Asked Questions about Factbox-Who owns what in Italy's banking battles
1What is the main topic?
The article discusses the consolidation of Italy's banking sector, focusing on Monte dei Paschi's buyout offer for Mediobanca.
2Who are the key players?
Key players include Monte dei Paschi, Mediobanca, Intesa Sanpaolo, UniCredit, Delfin, and Caltagirone.
3What triggered the consolidation?
The consolidation was triggered by the state selling its stake in Monte dei Paschi, allowing for increased merger activities.
