Norway's wealth fund says it will vote against Monte dei Paschi's bids for Banco BPM and Banca Generali

As of 4:24 p.m. ET, Saturday, Oct. 24, 2026

Norges Bank Investment Management, which manages Norway's sovereign wealth fund, said Saturday it will vote against Monte dei Paschi di Siena's proposed bids to buy Banco BPM and Banca Generali, Reuters reported.

The fund manager, which held a 2.98% stake in Monte dei Paschi at the end of December 2025, will also vote against the proposed merger of the merchant bank Mediobanca into Monte dei Paschi, it said on its website, according to Reuters. It will also oppose a proposed extraordinary dividend from reserves, and will approve the share buyback program and the buyout of the shares Mediobanca holds in the insurer Generali, Reuters reported.

Monte dei Paschi shareholders meet on Oct. 29 to vote on Chief Executive Luigi Lovaglio's defense plan against a takeover offer by Intesa Sanpaolo, according to Reuters.

The fund said its decisions were based on its voting principles, under which mergers, acquisitions and other corporate transactions should maximize shareholder returns, Reuters reported.