Italy’s Mediobanca is preparing a €6.3bn (approximately $7.20bn) bid to acquire Banca Generali, in a bold move to become a leading wealth management bank across European markets.
The acquisition is likely to trigger movements across the Italian banking and finance sectors, as Mediobanca plans to sell its 13% holding in Assicurazioni Generali, Italy’s historic insurance giant.
The bid has been proposed to Banca Generali shareholders, who will vote on 16 June on whether to accept Mediobanca’s approach to form a new wealth management organisation, managing a portfolio of €200bn in assets across Italy and Europe.
Following the merger, Mediobanca predicts that wealth management activities will account for 45% of its total revenue and 50% of its net profit. The institution expects combined synergies of €300m through operational cost reductions, revenue growth, and funding optimisation.
Alberto Nagel, CEO of Mediobanca, stated: “The Mediobanca Group’s transformation through the acquisition of Banca Generali completes its original objectives, establishing a diverse group with businesses that exhibit strong growth potential and minimal capital requirements.”
The proposed deal values Banca Generali at €54.17 per share, representing an 11% premium over the company’s recent market price. Shares in Banca Generali rose by 8% following the announcement, while Mediobanca’s share price remained largely unchanged.
Mediobanca has pursued this acquisition to expand its business operations while fending off competition from Banca Monte dei Paschi di Siena, which made a failed takeover attempt during the ongoing wave of consolidation in the Italian banking sector. Through this strategy, Mediobanca aims to strengthen its independence and sharpen its focus on profitable wealth management operations.
Key shareholders, including Delfin and Francesco Gaetano Caltagirone, who together hold around 27% of Mediobanca, have expressed opposition to the deal. Two Delfin-appointed directors reportedly did not endorse the acquisition bid for Banca Generali.
Mediobanca’s €6.3bn bid has emerged as one of the major European banking mergers in 2025, although it is not the largest. Spanish lender BBVA currently leads the M&A market with its $13.65bn attempt to acquire Banco Sabadell, a deal still awaiting regulatory approval in Spain.
Meanwhile, UniCredit has launched a €10.1bn offer for Banco BPM and is pursuing a 29.9% stake in Germany’s Commerzbank, indicating potential further consolidation.
While Mediobanca’s bid is smaller by value, it carries significant strategic weight. Through the acquisition, Mediobanca aims to become one of Europe’s top wealth management players, seeking to double its wealth management revenues to €2bn and boost net profits to €800m. The deal reflects the broader trend of consolidation in the European banking industry, as institutions seek greater scale and diversification amid evolving market conditions.
If approved, the merger is expected to be completed by October 2025, positioning Mediobanca as a leading force in European wealth management and signalling a new era of growth for Italy’s financial services sector.
