Investing.com — New project at Azimut. The board of directors Azimut Holding (BIT:) involves the spin off of part of the Italian network of financial advisors which will merge into a new digital bank with the aim of listing it within 6-9 months.
The new entity, independent of the Azimut Group, will also be able to include banking/financial partners in its shareholding structure and will have at the start-up at least 20 billion in assets under management to which approximately 1000 financial consultants refer.
“In 5 years, 10% of the share capital (2% per year) of the new bank will be assigned to the financial consultants already in the structure and to those who will enter the new reality from the market, rebuilding the model based on partnership and participation of financial consultants to the shareholder structure that has characterized Azimut in its 34 years of history”, explains the company in a note.
Through the new digital bank, the value proposition is expanded for all customers of the Azimut group in Italy, both on the retail/affluent side and on the private side. Azimut Holding will have from the new entity a guarantee for 20 years of the revenues produced by the assets existing at the time of the contribution and will make use of the banking services of the new company.
The new company, once the authorizations have been obtained and the activity has started, has the objective of doubling the profits and the assets managed/administered in 5 years, in normal market conditions, in line with what the Azimut group has achieved in the previous years. industrial plans. In the first 5 years, the collection of managed, insurance, advisory and administered savings is expected to be between 16 and 19 billion euros, the growth of liquidity and current accounts between 7.5 and 10 billion euros. By 2029, the plan involves the inclusion of 500 new professionals from the market, including wealth managers, private bankers and financial consultants also thanks to the possibility of being able to participate in the company’s capital.
Furthermore, two new initiatives are being studied relating to the launch of a distribution network of financial advisors in Spain and a partnership with an important family office in Italy focused on Ultra High Net Worth customers.
The company expects that the project will “bring significant value to Azimut Holding’s current shareholders through the spin-off and listing of the new digital bank and further future growth opportunities.” Further financial details will be shared at a later stage.
Azimut Holding remains independent and listed on the stock exchange, with Timone Fiduciaria maintaining the role of reference shareholder. Azimut Holding, which will continue to operate without a banking license, will continue its growth strategy according to the Group’s current business model. This includes distribution activities in Italy (with approximately 850 Financial Advisors), the entire global asset management platform (public and private markets), the partnership with UniCredit (BIT:), the entire international perimeter and all other Fintech and Corporate Investment Banking.
Paolo Martini will be the CEO of the new bank.
“On the occasion of 20 years from listing of Azimut Holding we are honored to occupy the third place for value creation among all stocks in the index . A shareholder who invested in our company at the time of the listing would have seen his investment multiply approximately 15 times”, commented Pietro Giuliani, president of the Azimut group.
“The sale to the market of part of the CF network in Italy through a spin off in a Fintech Bank will allow Azimut Holding shareholders to increase the value of their shares thanks to the generation of profits linked to the interest margin not currently included in the company’s scope”, added Giuliani.
“The Group’s Financial Advisors who will participate in the new initiative and those who join us from the market will have the opportunity to participate in the capital thanks to the assignment of 2% per year of shares (10% in 5 years)”, underlined Paolo Martini, CEO of Azimut Holding. “This initiative – he concluded – enhances the principle of partnership and promotes an alignment of long-term objectives between the company, consultants and customers, thus strengthening the foundations for shared and sustainable growth”.
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