Factbox-Italy's banking shake-up: all the M&A deals since 2025

Aug 24 - Monte dei Paschi di Siena's simultaneous offers for Banco BPM and Banca Generali are the latest in a series of moves seeking to transform Italy's once-dormant banking sector.

The offers, unveiled last week as part of MPS' efforts to repel a hostile takeover by Italy's largest bank Intesa Sanpaolo, would create the country's third largest banking group.

Here is a rundown of all the other completed and attempted Italian banking sector M&A deals since the start of 2025.

1. MONTE DEI PASCHI DI SIENA (MPS) - BANCO BPM - BANCA GENERALI

MPS launched on August 21 separate all-share bids totalling about €34 billion ($40 billion) for rival Banco BPM and Generali-controlled wealth manager Banca Generali.

CEO Luigi Lovaglio said MPS was the "natural partner for a friendly aggregation" and promised combined annual pre-tax synergies of around €2.6 billion.

However, given Intesa's previously announced bid, under Italian takeover rules at least two thirds of MPS shareholders will have to clear the plan, in a vote scheduled for October 29.

Previously, Banco BPM had invited MPS to discuss "a merger of equals", but ended talks last month after France's Credit Agricole, its largest investor with a 29.3% stake, expressed its disapproval.

2. INTESA SANPAOLO - MONTE DEI PASCHI DI SIENA (MPS) - UNIPOL - BPER

Intesa's unsolicited €30.6 billion cash-and-share bid for smaller rival MPS would create the euro zone's second-largest lender, placing Italy's top bank behind Spain's Banco Santander in terms of market value.

Under the deal, Intesa would sell to Unipol about half of the MPS retail network it would receive through the takeover. The network would then be combined with Unipol-backed lender BPER Banca to create a bank that would operate under the Monte dei Paschi brand.

3. UNICREDIT - COMMERZBANK

UniCredit, which stayed out of Italian M&A deals after a failed swoop on Banco BPM, said in July it had increased its stake in Commerzbank to 47.6%, pursuing a takeover bid despite German resistance.

When excluding treasury shares, which carry no voting rights, UniCredit has a 49.7% voting stake in the German lender. It could further hike its stake by amending swap contracts.

UniCredit, the second-largest bank in Italy, approached Commerzbank about merger talks as early as September 2024, after it bought a 9% in the German peer and signalled it was open to taking more.

4. CF+ - BANCA SISTEMA

Elliott-backed speciality lender Banca CF+ completed in March a €145-million offer for rival Banca Sistema.

5. MPS - MEDIOBANCA

In September last year, MPS completed a €16-billion takeover of merchant bank Mediobanca, thus also becoming the main investor in insurer Generali, a coveted asset in Italian finance. The deal, coming from a bank bailed out by the government in 2017 and reprivatised in 2023-2024, turned MPS into a key M&A actor.

6. BANCA IFIS - ILLIMITY

Venice-based IFIS completed in August 2025 a €298-million cash-and-shares offer for Illimity, a digital bank founded by former industry minister and veteran banker Corrado Passera, which was later delisted from the Milan bourse.

7. BPER - BANCA POPOLARE DI SONDRIO

Italy's fourth-largest bank in July 2025 completed a €5.4 billion cash-and-share offer for the smaller peer based in the northern city of Sondrio, calling it a defensive move dictated by the accelerating consolidation. Insurer Unipol, the main shareholder in both banks, played a pivotal role.

8. UNICREDIT - BANCO BPM

Italy's second-biggest bank dropped its €15-billion all-share offer for Banco BPM in July 2025, blaming conditions the government had set to clear the deal. UniCredit had presented its bid in November 2024.

9. BANCO BPM - ANIMA HOLDING

Shortly before UniCredit's failed takeover gambit, Banco BPM had bid to buy fund manager Anima Holding, a €1.8 billion-euro acquisition it completed in April 2025.

10. MEDIOBANCA - BANCA GENERALI

In an unsuccessful attempt to thwart MPS' takeover bid, Mediobanca announced in April 2025 a €6.3-billion all-share offer for wealth manager Banca Generali. It failed to win shareholders' approval for it.

11. BANCA GENERALI - INTERMONTE

Banca Generali completed in January 2025 a €98.2 million euro purchase of broker Intermonte, to boost its investment banking skills and complement its wealth management offer with corporate finance advisory services.

($1 = 0.8574 euros)

(Writing by Giulio Piovaccari and Andrea MandalàEditing by Alvise Armellini)