(Reuters) - Italian bank Mediobanca said on Monday it launched an offer to acquire Banca Generali, a private bank controlled by the country's top insurer Assicurazioni Generali, for 6.3 billion euros ($7.15 billion).

Mediobanca said it would finance the merger by selling shares worth the same amount in Assicurazioni Generali.

The exchange offer translates to a deal price of 54.17 euros per share, a 11% premium to Banca Generali's last close.

The deal aims to merge Banca Generali into the Mediobanca Group Wealth Management Division, the company said.

($1 = 0.8807 euros)