Addressing reporters on Wednesday, Giorgetti clarified the Treasury's stance as competing interests emerge for the bank. The government’s objective remains a clean departure from the institution, regardless of which suitor secures the deal. The process follows an unsolicited €30.6 billion cash-and-share proposal from Intesa Sanpaolo, which has complicated the landscape for a potential sale.

Intesa Sanpaolo is not the only entity vying for a consolidation play. Banco BPM recently signaled its own interest in a merger with the Siena-based bank just one day before the Intesa bid surfaced. With the state’s residual stake now on the block, the Economy Ministry intends to evaluate all incoming proposals strictly on their financial merits to ensure the best possible return for the taxpayer.