The Italian Treasury placed MPS shares at €5.792 each, achieving a 5% premium over the previous closing price. Credit: Digital signal/Shutterstock.

The Italian government has reduced its stake in Monte dei Paschi di Siena (MPS) by 15% from 26.7% to 11.7%, raising €1.1bn ($1.16bn) in the third phase of the bank’s privatisation.  

Banco BPM, a major Italian bank, has acquired a 5% stake in MPS, as part of its strategic goals, while maintaining a standalone approach. 

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Additionally, Banco BPM, preferred by the Italian Treasury as a merger partner for MPS, has stated it has no plans to exceed a 9.9% ownership threshold.  

The investment may set the stage for a future merger, as mid-sized banks face increasing pressure to expand to handle rising technology costs, according to Reuters.  

This investment also aligns with Banco BPM’s recent buyout offer for Anima Holding, a fund manager that sells products through MPS branches. 

Anima has separately acquired a 3% stake in MPS for €219m, increasing its total holding to approximately 4%.  

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Businessman Francesco Gaetano Caltagirone and the Del Vecchio family holding company, Delfin, have also invested in MPS with stakes of 3.5% each, according to sources. 

Italy’s Economy Minister Giancarlo Giorgetti said: “We completed a transaction which strengthens the shareholder base of an important player in the banking world, in a serious and reserved manner like we have always said we would.” 

More broadly Italian banks are exploring new revenue streams, such as fees from fund sales, amid declining interest rates.  

Mergers are also considered for potential cost savings.  

The Italian Treasury placed MPS shares at €5.792 each, securing a 5% premium over the previous closing price. 

Banco BPM, which is backed by France’s Credit Agricole, said that the MPS stake would enhance earnings per share by 2.5%, offering a 14% return.  

The sale reduced the ministry’s stake below 20%, addressing European Union (EU) competition authority concerns over de facto control. 

Italy’s commitment to the EU includes demonstrating reduced control over MPS by year-end, following reprivatisation agreements from a 2017 bailout.  

The original EU deadline for privatisation was extended after a failed sale to UniCredit in 2021