Mediobanca said in a brief statement that it was given authorisation to take “direct” control of Banca Generali and that it had six months to present its acquisition plan to the ECB.

In April, Mediobanca announced a €6.3 billion (US$7.4 billion) bid for Banca Generali, using its 13.1% stake in insurer Generali for funds.

Late last month, the bank said the Italian government had decided not to exercise special “golden powers” that allow it to set certain restrictive conditions on takeovers in strategic sectors.

The takeover bid came against a backdrop of a series of hostile merger bids in Italy.

Mediobanca itself is trying to fend off a hostile takeover by state-backed Banca Monte Paschi di Siena (MPS), first launched in January, which valued Mediobanca at €13.4 billion.