The last time Banca Monte dei Paschi di Siena SpA bought another lender, it was the beginning of the road to collapse and nationalization.
So when Paschi announced an unsolicited €13.4 billion ($14.1 billion) offer for larger rival Mediobanca SpA on Friday morning, Italy’s financial sector was in shock. The government had as recently as November been knocking on doors for a buyer for Paschi.
“A few months ago this would have been an unthinkable move,” said Stefano Girola, chief investment officer of the Brescia, Italy-based family office FI-MEP. The bank that “no one wanted has put itself ...
