Latham & Watkins, Clifford Chance and Bonelli Erede Pappalardo have all scored lead roles in the latest rejig of the Italian banking sector, which will see Banca Generali float for an estimated Eu1.5bn (£1bn) on the Milan bourse.

Latham is Banca Generali’s international counsel while Bonelli is advising on Italian aspects. At Latham, corporate partner Michael Immordino leads with corporate associate Sara Pinto. Milan-based corporate partner Vittoria Giustiniani is heading up Bonelli’s team.

Clifford Chance’s Milan office advised the global coordinators of the float, Mediobanca and Goldman Sachs, with capital markets partner Filippo Emanuele leading.

Generali, Italy’s largest insurer, announced its intention to float Banca Generali in the summer but the Italian stock exchange only gave it the green light this week.

Banca Generali’s flotation comes in the wake of consolidation and modernisation of the Italian banking industry, including the proposed £43.2bn merger between Pedersoli e Associati client Banca Intesa and Sanpaolo (advised by Freshfields Bruckhaus Deringer), which will create Italy’s largest bank with Eu507.5bn (£339.9bn) in assets.

Banca Intesa owns a 25 per cent stake in Banca Generali, a good part of which it will sell off as part of the IPO. In July, Generali CEO Giovanni Perissinotto stated that the company wanted to be the merged Sanpaolo/Intesa entity’s largest provider of insurance.