Fideuram, Intesa Sanpaolo Private Banking, wants to grow its revenues this year by focusing on digital consultancyee about expanding with operations M&A in Switzerland and Luxembourg.
This was stated in an interview with Bloomberg by the ad Thomas Corcos who specified that he wanted to aim for a revenue increase between 3,5% and 4% in 2023, with an increase in the collection about 4%.
“In 2022 we consolidated our position. This year will be led by organic growth, but revenues will further increase if the overseas acquisitions“, declared the CEO of Intesa Sanpaolo's wealth management and private banking unit.
“Diversification and volatility drive value regardless of the rate environment,” Corcos said. Intesa San Paolo had tried to raise fees to boost the bank's profitability when rates were negative and recently the CEO Charles Messina he confirmed this strategy even as rates started to rise. “We are confident that our business will grow with the digital redevelopment , robo advisory (the offer of investment services via the digital channel without the traditional interaction with the financial advisor, ed) to optimize investments, and with the assumption of new talents".
The Fideuram share is listed on Piazza Affari this morning 61,659 euro, up by 0,19%.
Acquisition opportunities in Switzerland and Luxembourg
Fideuram, founded more than 50 years ago, is the oldest Italian asset manager. It offers a range of banking and financial services through a network of over 6.600 advisors focusing on private banking and wealth management. Last year the institute had administered masses for about 327 billion euros with a net profit of 1,1 billion of euros and with a net collection total equal to 12,9 billion. It is the second largest private bank in the Eurozone after BNP Paribas SA.
Corcos has ruled out any acquisition in Italy, but intends to grow up abroad by hiring advisory teams and through bolt-on acquisitions.
“We are looking for companies with assets under management of between €8 and €12 billion Switzerland, where we are focusing on offshore clients,” said Corcos. Bloomberg explains that the company is looking to build in the country a hub for its customers outside the Eurozone. Bought Swiss private banks Reyl & Cie in 2020 and Morval Vonwiller Holding SA in 2018.
Corcos is also considering smaller targets to develop a hub for EU customers in Luxembourg following the purchase last July of Compagnie de Banque Privée Quilveste. Fideuram has more than 34 billion euros in assets under management in the two countries.
