The regulator has sent its final assessment to the parties, paving the way for approval subject to agreed conditions, according to the newspaper. A formal green light is expected before Intesa opens the tender phase of its bid on November 23 or 24, the report said.

Intesa would have to dispose of “a few dozen more” branches in addition to those it has already committed to sell to insurer Unipol, la Repubblica reported. The authority has also accepted the bank’s commitment to sell its 3% stake in Assicurazioni Generali, which Intesa bought as a defensive measure, the newspaper said.

Intesa can retain the full 13.3% Generali stake it would acquire through MPS and its subsidiary Mediobanca, according to the report. To prevent information exchanges between the groups, Intesa-appointed members of Generali’s board must be fully independent.

MPS declined to comment. Intesa was not immediately available for comment.