We are pleased to present the first special edition of our newsletter, focused on the Italian Banking Risiko – the surge of M&A activity reshaping Italy’s financial sector.

The term has become a widely used metaphor in Italian media to describe the wave of acquisitions, tender offers, and hostile bids that have come to define Italy’s banking sector in recent months, beginning with the UniCredit–Commerzbank case in September 2024. Since then, players like Banco BPM, MPS, Mediobanca, and Generali have entered the arena, triggering a wider shake-up.

With around 20% of Italy’s market capitalization in play, and key figures – from the government to private actors like Del Vecchio and Caltagirone – involved, the stakes are high. As April unfolds with crucial board meetings and potential use of Italy’s Golden Power, this edition unpacks the main events, players, and what’s next for the sector.

Read the full report below!