Monte dei Paschi di Siena 
BMPS on Wednesday said the European Central Bank had approved its proposed acquisition of rival Mediobanca 
MB, including under a scenario in which it gains a stake of less than 50% in the rival.
The ECB has set conditions MPS should meet if the acquisition is to go through, such as submitting within six months from completing the deal an integration plan with details, among other things, on the strategies for funding, IT and cybersecurity risks.
Reuters first reported on the ECB’s decision on Monday.
If the stake acquired by MPS is less than 50%, MPS must submit within three months a report on whether it can exercise de facto control on Mediobanca or, alternatively, what is the strategy concerning the stake in the absence of actual control.
Monte dei Paschi, which was rescued by the government in 2017 and is still 11.7% owned by Rome, in January shocked investors by bidding for Mediobanca, once a powerhouse of Italian capitalism.
The bid is one of several takeover offers that are reshaping Italian finance as banks turn to consolidation to support profits as interest rates decline.