Chiomenti Leads Italy’s M&A Surge Amid Banking Sector Boom

Italy is experiencing a notable mergers and acquisitions (M&A) boom, with a significant concentration in the banking and finance sector. 

At the forefront of this momentum is leading Italian law firm Chiomenti, which has become a key legal advisor in some of the most high-profile deals shaping Italy’s financial landscape in 2025.

Italy’s M&A Market Surges on Financial Sector Consolidation

In the first quarter of 2025 alone, Italy-related M&A transactions totalled over €42 billion, according to data from Refinitiv, marking a 17% year-on-year increase. 

The banking and finance sector has accounted for nearly 45% of that activity, driven by regulatory reforms, digital transformation strategies, and pressures on underperforming institutions to merge.

Chiomenti has played a central role in multiple deals, including advising Intesa Sanpaolo in its €5.8 billion acquisition of digital challenger bank Banca Digitale Italia, and representing UniCredit in its restructuring-driven spin-off of its non-core loan portfolio to a Luxembourg-based private equity consortium.

“The Italian financial sector is undergoing profound change, and legal advisors are playing a critical role in managing the complexity and cross-border dimensions of these deals,” said Francesco Tedeschi, a partner at Chiomenti's Milan office.

Why Law Firms Are Thriving Amid the M&A Gold Rush

Italy’s banking M&A activity is being accelerated by the European Central Bank (ECB), which has been encouraging consolidation to reduce systemic risk and improve profitability. In March 2025, the ECB issued new guidelines to streamline approvals for mergers among EU-regulated financial institutions.

As a result, demand for legal services related to regulatory compliance, due diligence, and transaction structuring has surged. Firms like Chiomenti, BonelliErede, and Legance have expanded their corporate law and financial regulatory teams to keep pace.

Chiomenti’s Legal Strategy: Depth, Speed, and Cross-Border Synergy

Chiomenti’s continued dominance in the market stems from its deep expertise in banking law, its longstanding relationships with Italy’s financial institutions, and its early adoption of legal technology tools that enhance speed and precision in transaction review.

In one notable case, the firm leveraged AI-assisted contract analysis to complete a multi-jurisdictional M&A due diligence process in just 18 days—a record for an Italian cross-border transaction involving regulatory review from the Bank of Italy and EU supervisory authorities.

This focus on innovation and strategic foresight has led Chiomenti to secure lead advisory roles in over €18 billion worth of deals so far in 2025, positioning it as the country’s top legal firm in deal value, according to Mergermarket.

Risks and Opportunities Ahead

While the current boom is generating record profits for law firms, concerns are mounting about over-leveraging and a lack of post-merger integration planning. Several legal experts caution that failure to address antitrust concerns and consumer protection regulations could result in future legal disputes.

The Italian Competition Authority (AGCM) has already launched a probe into two recently completed bank mergers to assess whether market concentration thresholds have been breached.

Additionally, with elections looming in 2026, uncertainty around potential changes to banking oversight laws could reshape the deal landscape in the coming year.

The Bottom Line

Chiomenti’s leadership in Italy’s 2025 M&A gold rush illustrates how legal firms are indispensable not only in executing transactions but in shaping the evolving legal frameworks that govern them. As Italy continues to attract strategic investors and financial players, legal expertise will remain central to ensuring that deals are both lucrative and compliant.