It is born Mediobanca Private Banking, the new brand at the service of customers High Net Worth Individual (HNWI). As approved in Board of Directors meeting held on October 26th, from 1 December will be effective the merger by incorporation into Mediobanca SpA of the 100% subsidiary Banca Esperia SpA
THEtransaction is consistent with the strategy of the 2016-19 plan which envisages the priority development of Wealth Management and high-end asset management services as a lever for growth in highly specialized banking activities, capable of providing the Group with a recurring fee base at in the face of low capital absorption.
"The incorporation of Banca Esperia into Mediobanca after the acquisition of total control last April, marks a further acceleration in Wealth Management - comments Francis Xavier Vinci, General Manager of Mediobanca. The creation of the Mediobanca Private Banking brand places an important new element in the supervision of the high-end market (and family office), already monitored abroad with Compagnie Monégasque de Banque and in trust services with Spafid, and represents the opportunity to create a unique service in the private sector & investment banking capable of placing Mediobanca's strong corporate skills at the service of private customers".
At the helm of Mediobanca Private Banking, now made up of around 90 bankers and a widespread presence throughout the country, he was called Angelo Vigano who assumes the role of head of the division. Viganò, a manager with extensive experience in Private Banking gained in Italian and international banks, joined Banca Esperia in 2009, holding positions of increasing responsibility over the years - most recently that of Head of Key Clients.
"In Italy, Private Banking still has ample room for growth in terms of both potential served and the quality and range of services offered - declares Angelo Vigano. With Mediobanca Private Banking we intend to become the reference Italian Private & Investment Bank. In fact, our customers are mostly entrepreneurs. This is why we intend to develop all possible synergies with the Group's Corporate & Investment division, guaranteeing our customers the benefit of Mediobanca's expertise also in M&A advisory as well as in debt and equity capital markets. Mediobanca Private Banking will in fact be the first private & investment bank operating model on the Italian market – adds Viganò.
In parallel with the strong push towards the development of Mediobanca Private Banking, we are pursuing a strategy of strengthening the offer of traditional and alternative products.
"With the incorporation of Banca Esperia into Mediobanca, Duemme SGR (already 100% controlled by Banca Esperia) is renamed Mediobanca SGR. We have entrusted the leadership to Emilio Franco, a manager with proven experience in the asset management sector, for the enhancement and development of our offer in the investment field with particular attention to new skills and new products. Added to this is the important development of the alternative product platform which saw, last week, the partnership agreement with RAM Active Investments SA which joins Cairn Capital in the structured credit segment. The Group's intention is to transfer to the world of Wealth Management those which have always been the founding values of Mediobanca: the ability to combine innovation and tradition as well as a long-term approach with solutions dedicated to the specific needs of its customers - he adds Vinci".
