Mediobanca CEO Nagel to Exit After MPS Acquisition

Alberto Nagel is set to step down as CEO of Mediobanca following Banca Monte dei Paschi di Siena’s (MPS) acquisition of a 62.9% majority stake in the Italian merchant bank. Nagel, who led Mediobanca for 17 years, played a key role in expanding its wealth management services and extending its international reach. His departure, along with the resignation of the entire board, will pave the way for MPS to appoint new leadership.

This strategic move is part of Italy’s broader plan to consolidate its banking sector, with MPS aiming to create a stronger competitor to leading banks such as Intesa Sanpaolo and UniCredit. The €16 billion ($19 billion) acquisition, which began in January 2025, will see the Mediobanca brand remain intact but operate under new management, keeping its businesses separate from MPS.

In his farewell letter, Nagel expressed his gratitude to the staff, referencing the phrase "Graecia capta ferum victorem cepit" (Captive Greece conquered her savage victor), suggesting that Mediobanca’s cultural influence will endure despite the takeover. This leadership change marks a new chapter for Italy’s banking sector, with MPS emerging as a dominant force.