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Shares in Monte dei Paschi di Siena and Mediobanca fell sharply on Friday after the Tuscan bank presented a multi-year strategy for the combined group, unsettling investors with a lack of detail on the terms of the full merger.

The bank said it expects to complete the Mediobanca integration this year and has guided for revenue to grow 4.6% annually to reach €9.5 billion by 2030.

Italy's Monte dei Paschi di Siena said on Friday it would complete the merger with Mediobanca by the end of the year and aim to reach a profit of 3.7 billion euros ($4.4 billion) for the combined group in 2030.

Shares in Mediobanca rose after majority-owner Banca Monte dei Paschi di Sienna said it would delist the Italian investment bank from Milan's stock exchange.

Monte dei Paschi di Siena (MPS) will take full control of Mediobanca and delist it while preserving its brand, ending weeks of uncertainty over the future of the merchant bank.