Mediobanca will acquire Banca Generali, creating wealth management leader

Mediobanca has offered to acquire Banca Generali in a deal valued at 6.3 billion, aiming to create a leading wealth management firm. This move involves exchanging Mediobanca's stake in Generali for control of Banca Generali. The acquisition will transform Mediobanca's relationship with Generali into an industrial partnership, boosting its wealth management assets to 210 billion. This strategic shift will double wealth management revenues to 2 billion and quadruple net profit to 0.8 billion. The deal is part of Mediobanca's "One brand - One culture" plan, with shareholder approval expected on June 16. The company anticipates significant synergies and a strong return on investment following the acquisition.