For Azimut's new bank, the choice of financial partner is close

Less than six months are left before the start-up of The New Bank, the code name of the Azimut digital bank, which promises to be the most innovative in the world of bank-networks, thanks to cutting-edge technology (Engineering, a technological partner, is building the architrave), ad hoc trained staff and an army of 1,000 consultants, organised in 12 areas, coordinated by a CEO manager with delegated territorial authority for commercial activity and profit and loss accounts (the aim is to reach 1,500 professionals within five years and double the assets).

Consultants and employees (400 when fully operational) will become shareholders: 10% of the capital will be allocated to them over 5 years, a decidedly attractive factor in recruitment, together with a streamlined structure, new services (accounts, mortgages, loans, Lombard credit, payment cards, investment banking, etc.) for private individuals (affluent and private), institutional investors and SMEs, a target to which Azimut turned more than 15 years ago, and this bank was also created to better serve precisely SMEs. Obviously there will be no lack of Azimut's entire product suite in an open architecture context (from traditional Italian and foreign funds to those linked to the private market, from asset management to club deals and everything in between). And on the other hand, the link with Azimut remains very strong: in this transition phase, all consultants have a mandate from Azimut, while in the future, customers and consultants remaining under the mother Azimut Holding will be able to subscribe to and place the digital bank's products.

In addition, advisory activities (paid consultancy), the acquisition of 25/30% of a large family office for ultra-high net customers, the launch of a network in Spain in partnership with a private equity fund that will be led by Riccardo Maffiuletti, and the integration of Market Place, a platform that allows small and medium-sized enterprises to access a selection of innovative financial services (today 13,000 companies, Ebitda over one million), will end up under the digital bank.

If Azimut Holding has given a dowry of 1,000 consultants (800 have remained in the parent company) and last April 24 billion in assets (today already at 25 billion), the objective is to double the assets in 5 years, landing on the stock exchange quickly and transferring revenues to Azimut for 20 years with the maintenance of assets on the Azimut Group's national and international products. "The definitive name, the reference shareholder and the target bank (on the radar is an institution without branches that will bring a banking licence, skills and people) will be unveiled to the market by December," explains Paolo Martini, one of the five CEOs of Azimut Holding, designated to lead the new entity as Managing Director. - The reference shareholder may be a traditional bank or a financial partner (among the hypotheses there is also a private equity fund) to which even more than 50% of the new reality could go. This is why it is not possible at the moment to establish the definitive shareholding structure of the future bank as the operation is still being defined. The team is new, to be built, but I want it to be determined also because our services range from traditional to investment banking. The approach will be strongly advisor centric with the technology platform at the total service of professionals'.

The digital bank project most probably appeals to those with a banking background, but also to those who want to experiment with it. Until now, not being a bank (and therefore not having certain constraints) has undoubtedly facilitated many of Azimut's operations, especially foreign ones. But on the other hand, potential gains have been lost in these years of high rates. Now the aim is to find a mediation and bring in revenues even from the more traditional business. The estimated value of the digital bank is between EUR 1.5 billion and EUR 2 billion, and it is precisely the size of the majority shareholder's stake that will also determine the contours of the financial operation. The listing could also be brought forward from the initial plan.