Following this announcement, the Italian asset manager Azimut Holding has set plans to spin off part of its network of financial advisers, as well as its strategy of merging it into a new digital bank. This process is expected to add to its plan to look at outside investors that take a stake of up to 50% in the new unit.
In addition, Azimut is expected to accelerate its plan to list the business within the next 6 to 9 months, aiming to boost the overall value of its investment for existing shareholders.
According to Reuters, officials of Azimut Holding mentioned that the company has already drawn interest from banks, financial institutions, and enterprises who might want to invest. The firm already has contacts with multiple companies, aiming to take a stake in the new bank from a minimum of 15% to a maximum of 50% of its capital.
Azimut Holding is expected to look closely at serious offers, aiming to meet the needs, preferences, and demands of customers and clients in an ever-evolving market. At the same time, the financial institution will otherwise continue the strategy alone, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
The focus on the fintech company is set in reaching EUR 160 million (approximately USD 173 million) of net profit in its first year, as well as an initial valuation of EUR 1.8 – 2.2 billion. In addition, the existing Azimut Holding is set to remain an independent and listed company, while also benefiting from a 20-year revenue guarantee on the income that will be generated by the new financial institution’s existing assets. The overall process will retail a stake of only 10% in the new business.
The initiative is expected to pursue development and growth through its current business model, which is set to include a partnership with UniCredit. The latter will sell its funds and investments to customers and cardholders of Italy’s second-largest bank.
The financial advisors of the independent fintech bank will be given 2% of the share capital each year for the period of the first five years, while also replicating the shareholding model of Azimut. The financial institution is set to count on total assets of at least EUR 20 billion and 1,000 financial advisors at its launch.
Azimut will hire multiple professionals, including wealth managers, financial advisors, and private bankers by the end of 2029. The initiative still has to gain the needed approval of the relevant supervisory bodies.
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