Unipol MPS headquarters to remain in Siena under takeover plan

The Unipol MPS headquarters would stay in Siena if Intesa Sanpaolo completes its planned takeover of Banca Monte dei Paschi di Siena (MPS), Unipol Chairman Carlo Cimbri said in an interview published on Friday.

The projected transaction would also alter the ownership of some of MPS’s significant assets. As part of the takeover, Intesa Sanpaolo would sell the MPS brand as well as roughly half of the bank’s branches to Unipol.

Unipol MPS headquarters would stay in Siena

Cimbri stated that MPS’ headquarters would stay in the Tuscan city of Siena following the purchase. The move would preserve the bank’s headquarters in the city where MPS has its historical origins.

Unipol intends to combine the MPS assets it will acquire with BPER, a medium-sized Italian bank in which Unipol is the majority shareholder. The agreement would place the MPS brand and a significant portion of its branch network under the new entity.

No planned dismissals at MPS

Cimbri also stated that the takeover plan does not entail dismissals at MPS. However, agreements with trade unions could result in a reduction in the number of staff.

According to Cimbri, staffing reductions will be handled through discussions and agreements with worker representatives rather than a clear plan for job losses.

What the takeover plan includes

Intesa Sanpaolo’s proposed takeover would involve the transfer of the MPS brand and approximately half of its branches to Unipol. These assets would be integrated with BPER as part of Unipol’s overall banking strategy.

The future of the Unipol MPS headquarters in Siena is thus one of the crucial details surrounding the proposed merger. Cimbri’s statements suggest that the city’s role as MPS’ headquarters will endure even if ownership and the structure of its banking operations change.

Il Sole 24 Ore, an Italian financial newspaper, reported the comments on Friday. Cimbri also addressed the probable impact of the agreement on MPS personnel, stating that any staff reductions would be managed through agreements with trade unions.

For the time being, the takeover is predicated on the proposed transaction going forward. If finalized, Unipol would gain control of the MPS name and around half of its branch network, but the bank’s headquarters would stay in Siena.