ECB approves merger between Mediobanca and Monte dei Paschi

The European Central Bank approved the merger between Mediobanca and Monte dei Paschi di Siena. The green light comes almost a year after the successful public takeover bid. The approval occurs at a delicate time for Monte dei Paschi, one of the oldest banks in the world. The two Italian banking institutions are thus moving forward with the integration process after the completion of the takeover bid.