MILAN (Reuters) – Italian asset manager Azimut Holding plans to spin-off part of its network of financial advisors and merge it into a new digital bank to be listed within 6-9 months, it said on Thursday.
The financial advisors of the new, independent, fintech bank will be given 2% of the share capital each year, for the first five years, replicating the shareholding model of Azimut.
Azimut Holding will benefit from a 20-year revenue guarantee on the income generated by the company’s existing assets.
The bank will count on at least 20 billion euros ($21.6 billion) and 1,000 financial advisors at its launch. It plans to hire 500 new professionals, including wealth managers, private bankers, and financial advisors by 2029.
Azimut’s Paolo Martini will serve as the chief executive of the new bank.
Shares were up 2.4% to 25.73 euros apiece at 1004 GMT.
($1 = 0.9276 euros)
(Reporting by Claudia Cristoferi; Editing by Keith Weir)
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