MILAN, Oct 27 (Reuters) – Italy’s Mediobanca (MDBI.MI) would contemplate shopping for an enormous wealth administration asset akin to Generali’s non-public financial institution whether it is put up on the market and brings important synergies, its chief government mentioned on Thursday.
Chief Govt Alberto Nagel was talking after the funding financial institution beat analysts’ expectations within the first quarter of its monetary yr, with larger rates of interest and a repricing of property driving double-digit development in internet curiosity revenue.
Final month a supply mentioned insurer Generali (GASI.MI) might promote Banca Generali (BGN.MI) to Mediobanca to boost money for a possible massive deal of its personal in the USA.
“We’ve got a wait-and-see technique. If we’re contacted, we’re prepared to speak about it,” Nagel advised a briefing name when requested a few doable curiosity in Banca Generali. “This is applicable to each asset,” he added, not solely to Banca Generali.
To develop Mediobanca’s wealth administration operations, Nagel in 2020 thought of swapping the group’s 13% stake in Generali with Banca Generali. He additionally proposed a merger to Banca Mediolanum (BMED.MI), however neither transfer led to a deal.
Internet revenue within the quarter got here in at 263 million euros ($264.2 million), above an analyst consensus supplied by the financial institution of 230 million euros.
Internet curiosity revenue (NII) grew by 10.6% to 396.3 million euros, pushing whole revenues to file ranges. The financial institution expects “important” NII development to proceed within the coming quarters.
Mediobanca mentioned it was on monitor to ship on the targets of its marketing strategy for 2023 by the tip of June, significantly in earnings per share (EPS) development and shareholder rewards.
($1 = 0.9956 euros)
Reporting by Gianluca Semeraro; enhancing by Agnieszka Flak and Keith Weir
: .