Banca Monte dei Paschi di Siena SpA’s purchase of rival Mediobanca SpA could mark the start of a new wave of consolidation for Italy’s banking sector, according to the executive who pulled off the deal.
The takeover “is the beginning of a new phase,” Monte Paschi Chief Executive Officer Luigi Lovaglio said in an interview for Bloomberg’s Italian-language podcast “Quello Che i Soldi Non Dicono.” It is “a game changer, a key step for the next phase of growth for the Italian and European banking sector.”
The deal, worth more than €17 billion ($20 billion), is creating ...
