Compagnia di San Paolo is backing the public exchange offer launched by Intesa Sanpaolo for Monte dei Paschi di Siena, describing the move as a transaction capable of creating shareholder value and strengthening Italy's position within the European banking system.

Chairman Marco Gilli made these remarks during an interview with the daily newspaper La Stampa.

Should the operation succeed, the newspaper reports that the Turin-based foundation's stake in Intesa Sanpaolo would decrease from 6.6% to 5.1%. Nevertheless, the Compagnia would remain the largest shareholder in the institution led by CEO Carlo Messina.

The chairman of Compagnia di San Paolo did not rule out a "reflection" on the possibility of the entity increasing its stake in Generali, which currently stands at 0.1%.

(Stefano Bernabei, editing Andrea Mandalà)