Monte dei Paschi reportedly got ECB nod for Mediobanca takeover

Investing.com -- The European Central Bank has given its approval for Monte dei Paschi di Siena’s proposed acquisition of Mediobanca (OTC: MDIBY), according to a Reuters report on Monday.

Monte dei Paschi (MPS), which was a symbol of Rome’s banking problems for a decade until its state bailout in 2017, surprised investors in January when it announced its bid for the Milan-based merchant bank.

Mediobanca was once considered a major force in Italian capitalism. The ECB’s clearance marks a significant step forward in the potential merger between these two Italian financial institutions.

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