The Mediobanca group’s Wealth Management division

With the launch of the Wealth Management division, which was the centrepiece of the 2016-2019 business plan, in the span of a few years we have emerged as one of the most dynamic and attractive players in the Italian wealth management and private banking market.

Affluent customer services, private banking and asset management are highly specialized businesses that complement and create synergies with our merchant bank business. These types of services are also a steady source of revenue and ensure excellent profitability. Furthermore, the European regulatory framework outlined in Basil 3, which sets increasingly tighter capital requirements, makes low capital intensity businesses essential to mitigate the absorption of the group’s capital.

In the past few years, we have focused on this division’s organization and growth by:

  • creating Mediobanca Private Banking through the acquisition of Banca Esperia and its merger into Mediobanca Spa;
  • doubling the operations of CheBanca! in the affluent customer segment with the acquisition of Barclays Italia's retail banking business, the first step in CheBanca!’s transformation from a deposit gatherer to an asset gatherer for the affluent customer segment;
  • strengthening the asset management boutiques by specializing in niche alternative products with the acquisition of Cairn Capital and RAM and the structuring of Mediobanca Sgr.

In a few short years, the WM division, which changed the group’s identity and profile, became a major fee contributor, generating almost 50% of total group fees. We now plan to develop and establish our distinctive reputation as a group founded on professionalism, solidity and innovation in this area as well.

Highlights (annual consolidated results at 30 June 2020)

A distinctive business model

Our group will consolidate its positions with:

  • a widely recognizable brand and position;
  • capital reserves to invest in potential acquisitions;
  • group synergies;
  • transparency and fair pricing, which we have always created and designed in accordance with strict pricing regulations.

Our WM business model pivots on three business lines.

We serve private banking customers in Italy with Mediobanca Private Banking, which was founded in 2017 through the merger of Banca Esperia into Mediobanca Spa, and customers in Monaco with Compagnie Monégasque de Banque. We will increasingly leverage synergies between Private Banking and the CIB division to satisfy our business owner customers by meeting both their personal investment requirements and corporate growth and development needs.

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We serve our affluent customers with CheBanca!, which was originally launched in 2008 as a digital bank and now mainly specializes in asset management, while also offering banking products to provide customers with a full-range service. CheBanca! stands out for its sustainable and innovative business model with excellent satisfaction rates among its 865,000 customers.

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MB Asset Management includes Mediobanca Sgr, RAM Active Investments and Cairn Capital. The development of our proprietary specialized asset management boutiques enables us to propose distinctive, top-tier products that enhance our offer, particularly with respect to illiquid and niche products.

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Our results

Digital efficiency, advisory-based approach, innovative product offering, sustainable pricing and brand value are once again key factors in the effectiveness of the WM model, especially in the changed scenario. Solid results confirmed in FY20: NNM inflows total €4.9 billion in 12M in the Affluent and Private segment, revenues up 7% to €584 million and ROAC 19%.

Highlights (annual consolidated results at 30 June 2020)

Customers

~ 895,000

Professionals

1,002

Revenue

€584 million

Interest income

€271 million

Fees

€306 million

Operating profit

€113 million

AUM/AUA

€40 billion

Contribution to results by segment (€mln)

AUM/AUA by segment (€bn)

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