Italy’s Generali Group has said that it will assess Mediobanca’s offer to buy its private banking arm, Banca Generali.

The assessment will be conducted in line with the group’s internal procedures over the coming weeks.

In a statement, the Italy-based firm said: “Generali confirms its intention to pursue the evaluation of the Offer and discussions on these matters.

“At this stage, Generali reserves the right to continue evaluating the Offer and the potential Industrial Partnership over the upcoming weeks in full compliance with the Group’s processes, procedures and schedule defined by its internal corporate governance bodies before forming a definitive view.”

In April this year, Mediobanca proposed to buy 100% of Banca Generali’s shares for €6.3bn. It aims to fund the acquisition by selling its shares in Generali’s insurance arm, Assicurazioni Generali.

Mediobanca is scheduled take a shareholder vote on its Banca Generali takeover bid on 21 August, according to a company release.

The proposed merger is anticipated to create a major entity in the European market.

Meanwhile, Generali Group reported an adjusted net result of €2.2bn for the half-year period ending 30 June 2025. The figure marks a 10.4% rise from $2.02bn reported in the same period last year.

This improvement has been credited to the group’s strong operational performance, particularly in the property and casualty (P&C) insurance segment.

The overall operating result of the group reached €4.04bn, which is an 8.7% rise from the previous period.

Banca Generali’s operating result recorded a downturn of 11.6% to €275m for H1, largely due to a reduction in non-recurring performance fees.

Nonetheless, Banca Generali managed to secure total net inflows of €3bn in the first half of the year.

The Asset & Wealth Management division saw a marginal decrease in its operating result by 1.1% to €560m, supported by the input from Conning Holdings Limited (CHL).