The Board of Directors of Azimut Holding has decided to continue the TNB demerger process announced at the end of March and which began operationally in May of this year.
The Board of Directors has also agreed to enter exclusively with FSI with a value of the operation for Azimut Holding which is expected to be included in the range (net of taxes) indicated at the announcement of the operation.
Pietro Giuliani (pictured), president of Azimut Holding, declared: “As we continue the demerger process that began operationally in May and aimed at the listing of TNB, we have received concrete proposals from large banks and private equity funds. We are happy to have reached an exclusive with FSI on this opportunity. Azimut’s results for the year that is about to end (10.62% in net performance to customers, 550 – 600 million euros of expected net profit, and over 17.4 billion euros of new net funding from the 18 countries in which we operate) are a stimulus for anyone who wants to share this journey with us. In the 20 years since its listing, Azimut has multiplied its invested capital by 15 (100,000 euros have become 1.5 million euros)”.
Paolo Martini, CEO of Azimut Holding and designated CEO of TNB, commented: “We are extremely satisfied with the path undertaken and with what has already been concretely achieved to create a new Wealth Fintech Bank, an innovative project that will combine the value of people with technology latest generation. Once the necessary authorizations have been obtained, the bank will be among the market leaders in Italy and will stand out for a unique offer dedicated to private customers and SMEs. Thanks to the integration of the Azimut Group’s suite of products and the new range of banking and wealth management services that we are developing with our partners, we are building a reality that will represent a point of reference for the sector. Thanks to the issue of participatory financial instruments and 10% of the capital in the first 5 years allocated to Financial Consultants, Managers and employees already present in the structure and who will join the project, recreating the conditions of success similar to those that have characterized Azimut’s journey twenty years ago, while at the same time 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 the colleagues in the network and at headquarters who, with enthusiasm and dedication, are working to transform this vision into reality”.
