Mediobanca launches €6.3bn deal to acquire Banca Generali

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Italy’s Mediobanca on Monday launched a €6.3bn offer to buy domestic rival Banca Generali as it expands in wealth management as part of a wave of consolidation in the country’s banking sector.

Mediobanca said it would fund the deal by selling its shares in Assicurazioni Generali, Italy’s largest insurer, which controls Banca Generali.

The combination with Banca Generali “will produce a European market leader”, Mediobanca said in a statement.

Banca Generali closed on Friday with a market capitalisation of €5.7bn.

This is a developing story