Italy’s MPS pushes ahead with Antonveneta merger

Italy’s Banca Monte dei Paschi di Siena, the country’s third largest lender, is pushing ahead with the merger of its subsidiary Banca Antonveneta, strongly supported by chief executive Fabrizio Viola.

According to press reports, the Siena-based bank will complete the merger over the next two weeks.

The deal was included in the firm’s industrial plan approved in June, and its final stages are expected to be discussed on November 13, when Monte dei Paschi will present its quarter results.

In October, rating agency Moody’s cut the bank’s rating to junk, as Monte Paschi failed the European Banking Authority’s stress tests. It was the first among top five Italian banks to fall below investment grade.

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