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(Bloomberg) -- Italian lender Banca Monte dei Paschi di Siena SpA is exploring a potential deal for Mediobanca SpA, people with knowledge of the matter said.

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Monte Paschi is considering a move to acquire full or partial control of Mediobanca, the people said, asking not to be identified because the information is private. An announcement may come as soon as Friday, according to the people.

Shares of Monte Paschi have more than doubled over the past 12 months, giving it a market capitalization of roughly €8.8 billion ($9.2 billion). Shares of Mediobanca have risen 28% over the same period, for a market value of about €12.7 billion.

In addition to its core banking business, part of Mediobanca’s value comes from a stake in Italian insurer Generali SpA that’s worth €6 billion at current market prices. Mediobanca may oppose any approach from Monte Paschi and consider various countermoves, some of the people said.

A deal for Mediobanca would represent the latest consolidation move in the Italian financial sector. Banco BPM SpA launched a takeover bid for asset manager Anima Holding SpA in November, while UniCredit SpA has been pursuing both Banco BPM and Germany’s Commerzbank AG.

The Italian government holds about 11.7% of Monte Paschi stock, down from a majority stake 18 months ago. A November sale of a chunk of Monte Paschi shares was widely seen as a step in the government’s plan to use the privatization to create a third big lender in the nation’s banking sector.

Delfin Sarl, late billionaire Leonardo Del Vecchio’s family holding company, raised its stake in Monte Paschi to 9.8% this month, giving it a potentially important voice in any deal. Delfin is also the biggest shareholder in Mediobanca.

Deliberations are ongoing and there’s no certainty they will result in a deal, the people said. Spokespeople for Monte Paschi and Milan-based Mediobanca declined to comment.

Founded in 1472, Monte Paschi is considered to be the world’s oldest lender still in operation. It was bailed out in 2009 after it was hit by souring loans and ill-fated derivatives deals. It long struggled to turn itself around, but recently has made progress under Chief Executive Officer Luigi Lovaglio. The bank has also benefited from higher interest rates in the euro area.