Norges Bank to vote against Monte dei Paschi's bids for Banco BPM and Banca Generali
Norway's sovereign wealth fund manager will oppose Monte dei Paschi's proposed purchases of Banco BPM and Banca Generali and its merger with Mediobanca.
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what happened
Norges Bank Investment Management, the manager of Norway's sovereign wealth fund, said on Saturday it will vote against Monte dei Paschi's proposed purchases of Banco BPM and Banca Generali. The fund will also oppose the planned merger of Italian merchant bank Mediobanca into MPS and the proposed extraordinary dividend paid out of reserves.
According to the fund, it held a 2.98% stake in MPS at the end of December 2025. It said it will back the share buyback programme and the buyout of the Generali shares held by Mediobanca. The decisions follow the fund's voting principles, which state that mergers, acquisitions and other corporate deals should maximise returns for shareholders.
MPS shareholders gather on October 29 to vote on a defence plan put forward by CEO Luigi Lovaglio against a takeover bid from Intesa Sanpaolo.
why it matters
A vote against by a large institutional holder could shape the outcome of the contest for control of MPS and affect the outlook for Italy's banking sector. Investors will watch the shareholder meeting on October 29.
market impact
Italian banks: opposition from a major shareholder raises the risk to MPS's deal and merger plans
tags
instruments
sources
- MPS investor Norges to oppose Monte dei Paschi's bids to buy Banco BPM and Banca Generali — Reuters, 24 October 2026 at 10:36 UTC
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