Intesa Sanpaolo expects €2.9 billion in gross financial benefits from its proposed takeover of Monte dei Paschi di Siena (MPS). The bank aims to achieve 60% of these gains by 2028. It anticipates reaching the full target by 2029.
Italy's largest bank scheduled a shareholder vote on the offer for September 10. Projected pre-tax cost savings total €1.5 billion. Staff cost reductions will contribute €0.6 billion. Reduced administrative expenses will provide the remaining €0.9 billion.
Intesa begins the second tranche of its share buyback program on September 7. This program serves the bank's employee incentive plans.