By Alberto Chiumento and Giancarlo Navach
Milan (Reuters) – Italian asset manager Azimut aims to sell 80% of its new fintech bank to FSI by the end of March, targeting a market value for the new lender of 1.8-2.2 billion euros ($1.9-$2.3 billion), Chairman Pietro Giuliani said on Thursday.
Giuliani told a press conference that the aim was to have the TNB bank up and running by the end of 2025. Azimut launched the project last March, planning to spin off part of its network of financial advisers and convert it into a digital bank, and seeking outside investors for the new business.
In December, it entered exclusive talks with the domestic private equity fund FSI, which was interested in investing in the new lender.
“We expect to close with FSI by March, and the goal is to transfer 80% of the new bank to them, while the remaining 20% will remain with Azimut Holding,” Giuliani said.
He added that rather than obtaining a new banking licence, which is mandatory to execute banking activity in Italy, Azimut plans to buy it from a small bank which already has one.
“We have a queue of small local banks that would be happy to transfer their banking licence to us. We plan to buy it within this year with the approval of the Bank of Italy,” Giuliani said during the press conference, adding it might include an exchange of TNB’s shares,
He said a goal for TNB will be a listing on the Milan Bourse, without providing details about the timing.
Earlier in the day, Azimut said in a statement it expects its 2024 net profit to be at the top end of its revised guidance near 600 million euros, and reach up to 1.25 billion euros this year if it gains authorisation for TNB and finalizes the FSI agreement.
Without it, the net profit target is 400 million euros, it said.
The company expects 10 billion euros in total net inflows in 2025 after closing 2024 with 18.3 billion euros, beating a target of 14 billion euros.
It said it will present its five-year business plan this year and will expand into two new countries, one in Africa, the other in Asia.
($1 = 0.9736 euros)
(Reporting by Alberto Chiumento in Gdansk, Giancarlo Navach in Milan; Editing by David Goodman and Keith Weir)
