MILAN — The European Central Bank has urged Intesa Sanpaolo to take a cautious approach to paying dividends as Italy's largest bank moves ahead with its €34.5 billion ($38.5 billion) acquisition of Monte dei Paschi di Siena, according to the offer document published by Intesa on Tuesday, 10 November 2026. The message from Frankfurt lands just two weeks before the tender period for the deal opens, and it sets the tone for what would be one of the most consequential banking mergers in the eurozone in years. The caution from the ECB does not block the transaction. The central bank had already authorised Intesa to take control of Monte dei Paschi in October. What the newly published prospectus reveals is the set of conditions attached to that clearance — including a request for a detailed integration plan within six months of the deal closing, and a recommendation that Intesa keep capital buffers adequate to the complexity and execution risks of bringing the two banks together. For s...