意大利银行业的未来轮廓在经历两年的交易热潮后终于逐渐清晰，处于整合核心地位的贷款机构似乎即将迎来新的所有者。
The future of Italian banking is finally taking shape after a two-year deal spree, as the lenders at the heart of the consolidation appear headed for new ownership.
意大利资产规模最大的银行 Intesa Sanpaolo SpA 周日设定了收购 Banca Monte Dei Paschi di Siena SpA（蒙特帕斯基锡耶纳银行）要约的开始日期，仅一天后的周一，Banco BPM SpA 收到了其最大投资者 Credit Agricole SA（法国农业信贷银行）旗下意大利子公司提出的合并建议。
Banco BPM SpA on Monday received a proposal to combine with the local unit of Credit Agricole SA, its largest investor. That came a day after Italy’s biggest bank by assets, Intesa Sanpaolo SpA, set a start date for its bid to acquire Banca Monte Dei Paschi di Siena SpA.
若交易成功，处于意大利金融业狂热交易风暴中心的两家公司——BPM 和蒙特帕斯基——将退出并购市场。这将只留下规模较小的银行作为潜在收购目标，并可能使潜在收购方的关注点转向保险行业及其最大企业 Assicurazioni Generali SpA（忠意保险）。
If successful, the transactions would take two firms off the market that have been at the center of the feverish dealmaking in Italy’s finance industry, BPM and Monte Paschi. That would leave only smaller banks as potential targets, and could shift the focus of potential acquirers to the insurance sector and its largest firm, Assicurazioni Generali SpA.
UniCredit SpA 首席执行官 Andrea Orcel 周一在接受彭博电视采访时表示，意大利的交易活跃程度是“我职业生涯中从未见过的”。这是“一个前七大银行中有六家卷入并购的市场”。Orcel 本人于 2024 年 11 月发起了对 Banco BPM 最终未果的收购要约，拉开了这轮整合的序幕。随后，蒙特帕斯基对 Mediobanca（意大利中型银行）发起敌意收购，约一年前完成。
The dealmaking in Italy is something “I had never seen in my career,” UniCredit SpA Chief Executive Officer Andrea Orcel said Monday on Bloomberg TV. It’s “a market where, of the top seven banks, six are involved in M&A.”Orcel himself helped kick off the consolidation in November 2024, when he launched an ultimately unsuccessful bid for Banco BPM. Next came the hostile takeover of Mediobanca by Monte Paschi, completed about a year ago.
此后 Intesa 提议收购蒙特帕斯基，蒙特帕斯基首席执行官随即反提收购 Banco BPM 和财富管理公司 Banca Generali SpA。蒙特帕斯基自身的股东近期否决了这些计划。
Intesa subsequently proposed to buy Monte Paschi, whose CEO responded by proposing bids for Banco BPM and the wealth manager Banca Generali SpA. Monte Paschi’s own shareholders recently shot down those plans.
活动如此频繁，以至于即使是成就卓著的交易高手 Orcel——他即将控制估值超过 400 亿欧元（约合 450 亿美元）的德国 Commerzbank AG（德国商业银行）——也表示目前对收购的胃口已得到满足。当被问及是否在寻找更多收购机会时，他说：“我不这么认为。”
The activity was so intense that even Orcel, an accomplished dealmaker who is close to taking control of Commerzbank AG in Germany, a company worth more than €40 billion ($45 billion), says his appetite for acquisitions is satisfied for now. “I don’t think so,” he said when asked if he was looking for more takeovers.
收购蒙特帕斯基银行将巩固意惠银行在本国市场已占主导地位的地位，拉大与意大利联合信贷银行的差距，并打造一个管理客户金融资产近2万亿欧元的财富管理业务。意惠银行承诺向保险公司Unipol出售蒙特帕斯基银行约一半的分支机构，以缓解潜在的竞争担忧。
An acquisition of Monte Paschi would cement Intesa’s already dominant position in its home market, widening the gap to UniCredit and creating a wealth management operation with close to €2 trillion in client financial assets. Intesa has pledged to sell around half of the Monte Paschi branches to insurer Unipol to mitigate potential competition concerns.
对于法国农业信贷银行而言，与Banco BPM合并将使其成为意大利唯一一家规模能远远接近意惠银行和意大利联合信贷银行的银行。法国农业信贷银行周一表示，拟议合并将创建意大利第三大银行集团，拥有650万客户和2300多家分支机构。其意大利子公司目前的规模略低于这一数字的一半，拥有1000家分支机构，服务290万客户。
For Credit Agricole, a tie-up with Banco BPM would make it the only bank in Italy to remotely approach the size of Intesa and UniCredit. Credit Agricole said on Monday that the proposed merger would create Italy’s third-largest banking group with 6.5 million customers and more than 2,300 branches. Its local unit currently has a little less than half that, with 1,000 branches serving 2.9 million customers.
这两笔交易仍需股东批准，且不保证一定能完成。法国农业信贷银行的计划尚未经Banco BPM管理层审议，意大利政府将对该提案持何种态度目前尚不清楚。罗马此前曾否决意大利联合信贷银行对Banco BPM的收购追求。
Both transactions still need shareholder approval, and there’s no guarantee they will go ahead. The Credit Agricole plan has yet to be reviewed by Banco BPM’s leadership, and it isn’t clear what view the Italian government will take with regard to the proposal. Rome previously shot down UniCredit’s pursuit of Banco BPM.
然而，Banco BPM首席执行官朱塞佩·卡斯塔尼亚此前曾表示对法国农业信贷银行持欢迎态度。这家法国贷款机构还表示，将在新实体中持股低于50%，保留Banco BPM在米兰证券交易所的上市地位，并让卡斯塔尼亚留任，这显然是为了表明其对长期合作伙伴采取的是“臂长交易”方式。
However, Banco BPM CEO Giuseppe Castagana previously indicated a favorable stance toward Credit Agricole. The French lender also said it would own below 50% in the new entity, maintain Banco BPM’s listing on the Milan stock exchange, and leave Castagna in his role in an apparent effort to signal an arm’s-length approach to its long-time partner.
该贷款机构股价周一盘中最高飙升12%，市值超过220亿欧元。Banco BPM发言人证实公司已收到法国农业信贷银行的提案，但除此以外暂无进一步置评。
The lender’s stock surged as much as 12% on Monday, giving it a market capitalization of more than €22 billion. A Banco BPM spokesperson confirmed the company received the proposal from Credit Agricole but had no immediate comment beyond that.
相比之下，意大利联合圣保罗银行对锡耶纳牧山银行的收购要约进展更为深入。在联合圣保罗银行提高报价后，锡耶纳牧山银行的多名投资者已承诺接受要约，其中包括最大股东、控股公司德尔芬有限责任公司。该银行上周日晚间表示，要约接受期将从11月24日持续至明年1月22日；在派发中期股息后，每持有一股锡耶纳牧山银行股份，可获得1.25欧元现金外加1.664股新发行的联合圣保罗银行股票。
Intesa’s bid for Monte Paschi, by contrast, is more advanced. Several Monte Paschi investors have pledged to tender their shares including the largest one, holding company Delfin Sarl, after Intesa sweetened its bid. The bank said late Sunday that the acceptance period will last from Nov. 24 through Jan. 22, offering €1.25 in cash and 1.664 newly issued Intesa shares for each Paschi share once an interim dividend has been paid out.
周一，锡耶纳牧山银行股价一度上涨2%，市值达到350亿欧元。
Monte Paschi rose as much as 2% on Monday, giving it a market value of €35 billion.
收购锡耶纳牧山银行将使联合圣保罗银行获得忠利保险约13%的股份。这家意大利最大的保险公司也一直参与并购交易，此前曾寻求将其资产管理业务与法国银行BPCE SA的资产管理业务合并，但该计划被意大利政府阻止。
Buying Monte Paschi would hand Intesa a stake of about 13% in Generali. The country’s largest insurer has also been involved in dealmaking as it previously sought a combination of its asset management operations with those of French bank BPCE SA, a plan that was prevented by the Italian government.
除锡耶纳牧山银行外，忠利保险的投资者还包括意大利联合信贷银行，持股超过9%；德尔芬公司，即德尔·韦基奥家族的控股公司；以及建筑大亨弗朗切斯科·加埃塔诺·卡尔塔吉罗内，他同时持有锡耶纳牧山银行的股份。
Apart from Monte Paschi, Generali also counts UniCredit among its investors, with a more than 9% stake, along with Delfin, which is the holding company of the Del Vecchio family, and construction tycoon Francesco Gaetano Caltagirone, who also owns shares in Monte Paschi.