Zurich studies the acquisition of Fineco, also Kkr among the possible members of the consortium
The strategy recently adopted by some Italian banks, such as Intesa Sanpaolo And BPM, to integrate Insurance services within their operations, has put traditional insurance companies in difficulty, reducing their sales channels. In response, insurers are expanding their services asset management and seek to develop their own distribution networks.
A significant example of this trend is the case of Finecoa multi-channel direct bank with over 1.5 million customers, which since December 2000 has been led by Alexander Foti. The title of Fineco has shown sustained growth, driven by several factors. Zurich Insurancebased in Zurich and operating in Italy since 1902, recently reopened a dossier on Fineco after a hiatus that began in January.
Mario GrecoCEO of Zurich since March 2016 and previously head of Generalhas placed other experienced managers in key positions, such as Bruno Scaronialso a former General. The dossier Fineco attracts the attention of numerous advisors and investment banks, including Morgan Stanley, Barclays, Mediobanca, German Bank And Goldman-Sachswho see potential earning opportunities.
Since June 2018, Intesa Sanpaolo has strengthened its commitment to Bancassurance in Italy, visually signalling it in its branches with new signs “Banca Assicurazione”, a change resulting from the internal integration of the activities, after the separation from Generali, its historical partner until 2009.
As he writes Messenger, Zurich is looking to further expand its presence in Italy and, since August 2021, has a network of financial advisors previously part of Deutsche Bank. A possible alliance with Fineco could bring nearly 3,000 advisors under the Zurich umbrella, facilitating integration with a possible Zurich Bank.
Finecolisted in Bag and valued at €9.6 billion, closed the recent session with a slight increase, maintaining solid growth since the beginning of the year. The bank is considered one of the leading European Fintechs, with a model that combines advanced technology and a large network of advisors. Zurichconsidering proceeding with the investment, may seek to share the financial burden with other investors, which may include Advent International And Kkrboth already active in Italy.
In this context, he writes again the messengerseveral options are on the table, including the possibility of a public purchase offer, if certain shareholder thresholds were to be exceeded. Among the main shareholders of Fineco are BlackRock, Capital Research And FMRwith the majority of shares distributed on the market.
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