Gerardo Braggiotti, the ex-Lazard rainmaker who set up his own boutique in Italy two years ago, has cemented his role as the country's lead adviser on banking mergers and acquisitions after securing a mandate to advise Intesa SanPaolo on its first deal since its creation.

Leonardo will be sole adviser to Intesa SanPaolo on its €4.4bn ($6bn) offer for smaller rival CariFirenze. The deal hands Leonardo its biggest sole mandate since its formation.