Mediobanca on Monday struck back in the takeover war gripping Italian finance with a 6.3 billion euro ($7 billion) offer for wealth manager Banca Generali it will finance by handing over its stake in insurer Generali .

Mediobanca has launched a bid to acquire 100% of the shares of Italian private bank Banca Generali for €6.3bn ($7.15bn). The Italian investment bank looks to fund the transaction entirely through its stake in Assicurazioni Generali.

The lender’s a bid for the private bank is the latest twist in a wave of consolidation in Italy’s crowded banking market.