Goodbye CheBanca!, Mediobanca Premier is born. Mediobanca announced the creation of Mediobanca Premier, a bank specialized in the management of savings and investments of Italian families. This initiative is part of the growth plan of the Mediobanca Group for the period 2023-26 called “One Brand – One Culture”, whose main focus is the development of the division Wealth Management. The process of rebranding will affect all CheBanca! channels.
The goal of the new bank is to increase total assets by 25%, going from 39 billion euros to 50 billion by the end of the plan in 2026.
Combining the two assets of the group
Mediobanca Premier combines and enhances two fundamental assets of the group. On the one hand, it takes advantage of the breadth expertise acquired by Mediobanca in over 70 years of activity in the markets, acting as a financial partner for large and medium-sized Italian companies, adopting a responsible and sustainable approach. On the other hand, it makes use ofCheBanca experience!, founded in 2008 as a digital operator and now equipped with an excellent digital and multi-channel platform, offering asset management services based on personalized consultancy.
Mediobanca Premier aims to become a leader in the medium-high segment of the market, offering consultancy, management and asset protection through Mediobanca's asset management products and a unique range of capital market and corporate & investment banking products. This synergy will allow us to expand the offering of products and services, satisfying the financial needs of a more sophisticated clientele.
Mediobanca's strategic plan
La growth of Mediobanca Premier will be crucial for it development of the wealth management division, including the Private networks (Mediobanca private banking in Italy and Cmb in the Principality of Monaco) and the product factories, grouped in Mediobanca asset management (Mediobanca Sgr in Italy, Polus Capital Management for illiquid credit and Ram Active Investment for systematic equity funds ).
By 2026, Wealth Management, led by general director Francesco Saverio Vinci, will become the main contributor to commissions and the second for revenues in the Group.
Ambitious objectives will be supported by a distinctive model in Italy, with significant investments in distribution, technology and products. The model predicts growth above market averages in terms of assets (115 billion euros, CAGR +11%), revenues (over 1 billion) and profitability (Rorwa +110bp at 4%).
Il potential market, with the overall financial wealth of Italian families exceeding 5.300 billion euros, offers considerable opportunities, given that 60% of this wealth is currently unmanaged. The data for 2023 also highlights a further growth in the wealth of wealthy families of 5,3% at a national level, reaching 1.287 billion euros.
Delfin sells shares for 5,45 million euros, remains below 20%
Meanwhile, the Delfin holding, which refers to the Del Vecchio family, sold a package of Mediobanca shares to remain below the 20% threshold (a ceiling up to which it was authorized by the ECB, but not beyond). As a result of the buyback underway in Piazzetta Cuccia, in fact, Delfin's share would have exceeded this limit, given that the cancellation of the shares following the buyback effectively increases the weight of each shareholder proportionally. Hence the decision of the holding company which last week sold 485 thousand Mediobanca shares on the market at an average price of 11,24 euros each, with a total proceeds of over 5,45 million euros.
Target 50 billion masses
Mediobanca Premier will exploit the skills of approximately 1.100 professionals distributed across 200 sales points throughout the Italian territory. The physical presence will be complemented by advanced digital platforms, including wealth advisory suites, mobile banking and internet banking with high levels of acceptance. Furthermore, the innovative Premier Business platform, dedicated to entrepreneurs and freelancers, will simplify the consultancy activity even remotely.
This structure will allow Mediobanca Premier to accelerate its growth, following the success of CheBanca!, which tripled its assets from 14 billion in 2016 to around 40 billion currently. A recruitment plan is also planned, which will bring the number of professionals to 1.350 by 2026. This will contribute to the objective of increase the total masses by 25%, going from 39 billion euros to 50 billion by the end of the plan in 2026.
The path will guarantee growth above the market average, with a double-digit increase in commissions and net profit expected to almost double.
“Mediobanca Premier is a project with unique characteristics in Italy since it benefits from the group's expertise in corporate & investment banking as well as from the roots in the values of excellence and specialization that have always characterized Mediobanca's DNA – he commented Albert Nagel, CEO Mediobanca. We are convinced that these elements, combined with the competence of our people and the rigorous and sustainable approach to banking, will be the basis of the growth of Mediobanca Premier and the development of the entire wealth management division of Mediobanca, a priority objective of the 2023 strategic plan. 26 “One Brand One Culture”.
“The birth of Mediobanca Premier represents a key moment in evolutionary path of our Bank. The progress made over the last few years, combined with intense consolidation work by our management team, allows us to face this new challenge with solid foundations and determination. Today we are able to combine solidity and excellence which have always characterized the Mediobanca brand with the skills and innovation in savings management in which we have continued to invest over the years through CheBanca!. With Mediobanca Premier we are ready and motivated to be protagonists in the evolution of wealth management in Italy" he stated Gian Luca Sichel, CEO Mediobanca Premier.
