Mediobanca says no wealth management deal in sight as profit beats consensus [Reuters]
MEDIOBANCA SPA UNSP/ADR (MDIBY)
NASDAQ:AMEX Investor Relations:
mediobanca.com/en/investor-relations/index.html
Company Research
Source: Reuters
Mediobanca says no wealth management deal in sight as profit beats consensus By Reuters Staff 3 Min Read MILAN (Reuters) -Mediobanca on Wednesday ruled out the prospect of a wealth management acquisition in the immediate future, after reporting higher than expected quarterly results thanks to contributions from all its business segments. Under Chief Executive Albert Nagel, the Italian financial services group has moved away from its traditional role as an investor in major Italian companies in favour of boosting its wealth management and consumer finance businesses. To grow Mediobanca’s wealth management operations, Nagel in 2020 considered swapping the group’s 13% stake in insurer Generali with private banking unit Banca Generali. He also proposed a merger to Banca Mediolanum, but neither move led to a deal. Nagel has come under pressure from Mediobanca’s top shareholder Leonardo Del Vecchio, who has criticised Mediobanca for what he deemed an excessive reliance on the Generali stak
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