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July 27, 2021updated 21 Jul 2022 12:36pm

Mediobanca eyes Deutsche Bank’s financial advisers network in Italy

Italian banking group Mediobanca is reportedly leading the race to acquire Deutsche Bank’s financial advisers network in Italy.

The bank’s offer is expected to value the unit at around 13 times earnings at a mooted price of between €300m and 350m, Reuters reported citing another report by Italian daily La Repubblica.

Deutsche Bank’s business serves customers with some €17bn of assets. The unit is said to make around €25m a year in net profit.

Mediobanca, which is owned by tycoons Leonardo Del Vecchio and Francesco Gaetano Caltagirone, is looking to increase its Italian assets with the potential deal.

The move is also expected to be in line with Mediobanca chief executive Alberto Nagel’s strategy to beef up the firm’s wealth management arm.

If the deal materialises, the acquisition of Deutsche’s clients would boost the Milanese investment bank’s assets under management by nearly 40% without denting its capital base.

In 2017, Mediobanca launched a private bank in Italy to meet the needs of local high net worth individuals.

It was part of the bank’s 2016-19 strategy, which prioritised the growth of wealth management and asset management services.

In 2018, the bank closed the acquisition of a 69% stake in RAM Active Investments, the Geneva-based asset management unit of Swiss bank Reyl Group.

In 2015, it agreed to acquire a majority stake in Cairn Capital Group, a London-based credit asset management and advisory firm.

Recent developments in Italian wealth space

In March this year, Barclays Private Bank planted a flag in France and Italy with plans to offer a range of advisory and discretionary products and services to family offices and UHNWIs in the countries.

In February, Credit Agricole CIB launched the Capital Protected Impact Green Certificates, a green investment solution for Credit Agricole Italia’s clients in Italy.

Last October, Switzerland-based asset management firm Unigestion partnered with Allianz Bank Financial Advisors to promote multi asset offerings in the Italian market.

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