A bold headline about accountability, and the stakes are higher than ever: Monte dei Paschi’s board is set to confront a sweeping probe of its CEO and top shareholders over a high‑profile Mediobanca dispute.
A view of Monte dei Paschi di Siena’s headquarters in Siena accompanies the news. On Friday, the bank’s board will convene to discuss an investigation led by Milan prosecutors into CEO Luigi Lovaglio and the bank’s two largest investors—construction group Caltagirone and Delfin, the holding company of the Del Vecchio family. The case centers on MPS’s takeover of Mediobanca.
All three parties have denied any wrongdoing and maintain they acted within the bounds of Italian law and market regulations.
According to a judicial document examined by Reuters, prosecutors accuse Delfin and Caltagirone, with Lovaglio’s alleged coordination, of orchestrating a strategy to seize control of Mediobanca. MPS’s 16 billion euro all‑stock and cash offer in September gave the bank control of Mediobanca, marking a landmark move in Italy’s banking scene.
Delfin and Caltagirone have long been key investors in Mediobanca and in Generali, Italy’s leading insurer and a pivotal pillar of the financial system. Mediobanca is Generali’s largest investor alongside Caltagirone and Delfin, who have clashed with the leadership of both institutions in recent years.
Prosecutors, in a search‑and‑seizure warrant, contend that the duo aimed to dominate both Mediobanca and Generali and leveraged MPS to help achieve that goal. They became MPS shareholders in November 2024 after Rome injected a 15% stake into the bailed‑out bank to establish a core group of stable Italian owners.
The Mediobanca takeover, announced in January, coincided with the replacement of Mediobanca’s chief executive Alberto Nagel, while Generali’s Philippe Donnet remains at the helm.
Prosecutors have extended the inquiry’s duration beyond the completion of the takeover in an effort to avoid disrupting the deal’s outcome, according to judicial sources. Still, Lovaglio’s renewal as CEO is due in the spring, and MPS is expected to unveil its strategy for a merged group in the first quarter. Analysts warn the investigation could complicate the integration of Mediobanca.
Currency conversion noted: 1 euro equals 0.8591 U.S. dollars.
Reporting by Valentina Za; editing by Alexander Smith
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