A significant asset management merger involving Italy’s largest insurer, Assicurazioni Generali SpA, and French bank BPCE SA’s Natixis has added complexity to an already turbulent year for banking sector consolidation in Italy. The proposed partnership aims to create Europe’s second-largest investment firm, but faces resistance from prominent Generali shareholder Francesco Gaetano Caltagirone and some Italian government members.
Key Developments in Italian Banking Sector
Despite opposition, the deal retains backing from Generali’s leading investor, Mediobanca, and is expected to be formalized this summer with completion by early 2026. The transaction will be subject to scrutiny by Italian authorities. Meanwhile, tensions within Generali’s shareholder base continue to rise, with UniCredit disclosing a near-7% stake in the insurer.
Challenges in Italian Banking M&A
Italy’s wave of financial sector mergers and acquisitions is increasingly marred by delays due to regulatory demands and shareholder pushback. Mediobanca’s own maneuvers underscore the broader uncertainty, having postponed a key shareholder meeting to September 25 after CEO Alberto Nagel faced potential loss of investor support for his attempted takeover of Banca Generali.
UniCredit’s hostile takeover of Banco BPM has been derailed by Italian government conditions, which CEO Andrea Orcel has called potentially unlawful. The bank initiated the bid to secure its leadership within Italy’s financial sector, but Rome’s intervention has led to a 30-day suspension of the offer. A court hearing to resolve UniCredit’s challenge to the restrictions is scheduled for July 9.
State-controlled Banca Monte dei Paschi di Siena’s unsolicited bid for Mediobanca has further complicated Italy’s banking environment. Mediobanca has rebuffed the offer, describing it as lacking strategic rationale and potentially harmful. Yet the move is supported by both the Meloni administration and key Monte Paschi investors, including Caltagirone and the Del Vecchios.
Mixed Progress Across Deal Landscape
Despite the turbulence, some transactions have moved forward. Banco BPM’s acquisition of asset manager Anima Holding SpA was improved after initial terms and has since closed, making it the only completed deal in the current M&A cycle. The Italian government sold a 15% stake in Monte Paschi last November, with shares acquired by a government-picked group including Anima, Banco BPM, Caltagirone, and the Del Vecchio family.
Analysts predict further disruption due to rival investor groups, political oversight, and cross-ownership structures entangling major deals. Bloomberg Intelligence’s Lento Tang noted that “the recent delays may not be the last,” citing “political risk” as a persistent barrier to consolidation across the region.
