Wealth Management

Highlight

  • ESTABLISHMENT AS A DISTINCTIVE, PROFITABLE PLAYER    
  • SALES FORCE UP 60% TO 1,400 PROFESSIONALS    
  • TOTAL FINANCIAL ASSETS UP 8%¹ TO €83BN    
  • AUM/AUA UP 11%¹ TO €59BN    
  • REVENUES UP 8%¹ TO €0.7BN ROAC UP FROM 16% TO 25%

1) CAGR for 2019-23 four-year period 

The Italian asset market is large, growing and still predominantly unmanaged, with market shares increasingly more reserved to specialised operators who tend to offer, in a context of negative rates, investment/return solutions and protection of its customers.

In this context, we want to establish a definitive foothold as a distinctive operator in terms of quality, innovativeness, value of the offer for affluent and private customers and for entrepreneurs.

Through considerable investments in distribution (the sales force will rise by 60% to more than 1,400 professionals), technology and products, the wealth management will further strengthen its position, revenues and profitability, equalling the CIB in terms of the contribution to group revenues, and confirming its position as the top contributor in terms of commissions. Profitability will increase significantly, maintaining the high quality and sustainability of revenues and improving efficiency (cost/income ratio of 70%).

Growth in the Wealth Management division will be achieved through:

  • reinforcement of in-house product providers;
  • repositioning of the CheBanca! brand towards the top end as a preferred operator for current and future ‘Affluent’ customers, leveraging on the innovativeness and sustainability of the service model;
  • the definitive establishment of MB Private Banking e Compagnie Monégasque de Banque as a private-investment bank, with a unique business model in Italy and Monaco in offering HNWI/UHNWI customers innovative solutions in the private market/illiquid asset segment, developed in synergy with Corporate & Investment Banking.

Learn more about the market context and the specific growth strategies of the Wealth Management division

Consumer Banking

Highlight

  • LEADERSHIP IN ITALIAN MARKET CONFIRMED BY POSITION, INNOVATION AND PROFITABILITY   

  • CONSOLIDATION OF PROFITABLE GROWTH

  • REVENUES UP 3%¹ TO €1.1BN

  • ROAC FROM 30% TO 28-30%

(1) Average CAGR in the 2019-2023 four-year period

The Italian consumer credit market is less mature than the other European economies, and with market shares subject to erosion by the gradual reduction in the presence of traditional banking networks.

Leveraging on its distinctive traits (market leadership, integrated distribution, efficient platform, high scoring and pricing capacity, solid asset quality), through significant strengthening of direct and digital distribution and development of innovative products (especially for e-commerce), Compass will lay the foundations for continuing growth in volumes and revenues, consolidating profits and profitability (ROAC at 28-30%) despite a cost of risk that has shown modest natural growth.

Learn more about the market context and the specific growth strategies of the Consumer Banking division

Corporate & Investment Banking

Highlight

  • HIGH POTENTIAL OF CLIENT-DRIVEN BUSINESS MODEL

  • LEADER IN ITALY AND SOUTHERN EUROPE

  • INCREASINGLY INTEGRATED AND LESS CAPITAL INTENSIVE

  • REVENUES UP TO 6% TO €0.8BN

  • ROAC UP FROM 15% TO 16%

(1) Average CAGR in the 2019-2023 four-year period

The European corporate & investment banking market is the subject of intense domestic and transnational M&A activities by medium/large companies, driven by low organic growth, the consolidation of industrial sectors, low cost of debt, intense Financial Sponsor activities. In this context, advisory boutiques continue to improve their market share, thanks to the focus on the customer and flexible approach.

By leveraging on the distinctiveness of its business model (leadership in the reference markets, excellent reputation, boutique-style organisation, customer-oriented approach, ability to attract talent, strong integration with private banking, excellent asset quality), Mediobanca will strengthen its leading position in Europe, particularly in M&A and Capital Markets services, with the objective of confirming its position as a privileged partner of medium/large companies in the reference countries (Italy, France, Spain).

Thanks to an intensification of coverage, the clear intercompany potential (in particular to the synergies with Private Banking and with the newly acquired French boutique Messier Maris et Associés) and increasingly more efficient use of capital, CIB will increase revenues and profitability (ROAC at 16%), remaining the second most important source of commission income for the group.

Learn more about the market context and the specific growth strategies of the Corporate & Investment Banking division

 

Principal Investing

Highlight

  • ASSICURAZIONI GENERALI WILL CONTINUE TO CONTRIBUTE POSITIVELY TO REVENUE AND PROFIT CREATION AT GROUP LEVEL

  • PROFITABILITY AND AS A VALUE OPTION

The Principal Investing (“PI”) division is represented almost entirely by the equity investment in Assicurazioni Generali (13%). It will continue to contribute positively to the creation of revenues and profits of the group, improving its stability and visibility. The value of the investment lies in the healthy profitability and the value option that it ensures to the group, in terms of available resources that can be called upon in the case of growth operations.

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