From Yahoo Finance: 2025-06-13 07:41:00

Mediobanca shareholders will vote on CEO Alberto Nagel’s plan to transform the bank into Italy’s No. 2 wealth manager, severing historic ties with Assicurazioni Generali to stave off a hostile bid from MPS. Nagel, who joined in 1991, aims to protect Mediobanca’s independence and legacy in a pivotal time for Italian banking.

Nagel’s proposed 6.3 billion euro Banca Generali deal, using a 13% stake in Generali as an alternative to MPS, may render Mediobanca too big for its smaller rival to swallow. Investors Delfin and Caltagirone, backing MPS, have clashed with Nagel over reliance on income from Generali. Nagel aims to win them over and preserve Mediobanca’s identity.

Nagel’s efforts to modernize Mediobanca include expanding investment banking abroad and boosting wealth management, which would account for 45% of revenues and 50% of profits with Banca Generali. The deal would accelerate growth that would have otherwise taken years. Some investors view the move as a tectonic shift and a positive modernization of Mediobanca’s capital structure.



Read more at Yahoo Finance: Mediobanca’s Nagel bets on final makeover act to fend off Italian rival