Overview

• Mps reported a Q1 net profit of €413 million, up 24.2% year-on-year, with a record CET1 ratio of 19.6%, reinforcing its capital strength for its public exchange offers.
• Mediobanca announced nine-month profits of €993.2 million, exceeding analyst expectations, and highlighted its plan to merge with Banca Generali to expand its wealth management focus.
• The CEOs of Mps and Mediobanca presented opposing visions during conference calls, with Mps advocating for scale-driven consolidation and Mediobanca emphasizing a capital-light wealth management model.
• Mediobanca criticized Mps's offer as risky and incoherent, arguing it would create a mid-sized, undifferentiated commercial bank with high capital needs and limited synergies.
• Shareholder votes are set to play a critical role, with Mediobanca scheduling a June 16 meeting to seek approval for its merger with Banca Generali.