Monte dei Paschi takes control of Mediobanca with the blessing of Rome

Victory had been brewing for months on the political and financial battlefield that the Italian banking sector has become. It was effectively won by the allies of the government of the far-right Prime Minister Giorgia Meloni on Monday, September 8, as a new chapter opened in the history of booming Italian finance. With the blessing of the Roman executive, Monte dei Paschi di Siena (MPS), the former sick man of the sector commanded by Luigi Lovaglio and 11.7% owned by the Italian Treasury, took control on Monday, September 8, of 62% of the capital of the jewel of transalpine finance – the Mediobanca investment bank, a major historical center of power in Milan, which once served as a counterweight to Italian state capitalism.

This development follows a complex offensive carried out with the benevolence of the executive by the holding company Delfin, which represents the interests of the heirs of billionaire Leonardo Del Vecchio, founder of the eyewear manufacturer Luxotticca, and by the Roman investor from the construction industry Francesco Gaetano Caltagirone, present in the capital of MPS and Mediobanca where the weight of their combined shares amounts to almost 30%.

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