Mediobanca is offering to buy Banca Generali for 6.3 billion euros ($7.16 billion), marking the latest twist in a wave of consolidation sweeping through Italy’s crowded banking market.

The Italian lender on Monday launched a bid for the private bank, which is majority-owned by Assicurazioni Generali, to bolster its wealth management operations. It is offering 54.17 euros a share, which represents an 11% premium to Banca Generali’s closing price on Friday.