Italy’s Banking Consolidation: A Timeline of Recent M&A Moves

The proposed takeover of MPS involves complex restructuring, with Intesa planning to offload half of the target’s retail network to Unipol. These assets would then merge with BPER to operate under the MPS brand, a strategy that effectively sidelined Banco BPM’s own attempt to secure a merger of equals. This competitive environment underscores the high stakes for major players, particularly as UniCredit concurrently pursues a controversial 34.4% stake in Germany’s Commerzbank despite facing significant resistance.

Recent history reveals a pattern of defensive and strategic expansion. Banca IFIS completed its €298-million acquisition of digital bank Illimity in August 2025, while BPER finalized a €5.4-billion deal for Banca Popolare di Sondrio, a move largely orchestrated by their shared stakeholder, Unipol. These transactions follow the notable €16-billion takeover of Mediobanca by MPS in 2024, an acquisition that transformed the formerly state-bailed lender into a dominant force in Italian finance. Meanwhile, smaller deals continue to close, such as Banca CF+’s €145-million purchase of Banca Sistema and Banca Generali’s €98.2-million acquisition of broker Intermonte, as firms scramble to bolster their investment banking and advisory capabilities.