Azimut, continues demerger to create new bank: BoD approves exclusive agreement with Fsi

Azimut Holding, as it continues the process of splitting off approximately 1,000 financial advisors aimed at creating a new bank (Tnb), enters into an exclusive agreement with Fsi.

The board of directors of Azimut Holding has resolved to continue with the Tnb demerger process announced at the end of March and begun operationally in May of this year. The board of directors agreed to enter into an exclusive agreement with Fsi with a transaction value for Azimut Holding that is expected to be within the range (net of taxes) indicated when the transaction was announced.

'In the continuation of the demerger process that began operationally in May and was aimed at listing Tnb, we have received concrete proposals from major banks and private equity funds,' said Chairman Pietro Giuliani. 'We are pleased to have reached an exclusive agreement with Fsi on this opportunity. Azimut's results for the year that is about to end are an incentive for anyone who wants to share this path with us. In 20 years since listing, Azimut has multiplied its invested capital by 15".

"We are extremely satisfied with the path we have undertaken and with what has already been concretely realised to give life to a new Wealth Fintech Bank, an innovative project that will combine the value of people with state-of-the-art technology," commented Paolo Martini, CEO of Azimut Holding and designated CEO of Tnb. "Once the necessary authorisations have been obtained, the bank will be among the market leaders in Italy and will stand out for its unique offer dedicated to private customers and SMEs".

"Thanks to the integration of the Azimut Group's product suite and the new range of banking and Wealth Management services we are developing with our partners, we are building a reality that will be a benchmark for the industry," he continued. "Thanks to the issuance of equity instruments and 10% of the capital in the first five years allocated to Financial Advisors, Managers and employees already in the structure and who will join the project, we will recreate the conditions for success similar to those that characterised Azimut's journey twenty years ago, while launching what is probably the largest incentive and partnership system ever created in Italy for a network of financial advisors. I would like to personally thank Fsi as well as all colleagues in the network and in the head office who, with enthusiasm and dedication, are working to turn this vision into reality".