Acquisitions and disposals

The transformation of our business model, evolved from a holding company to a specialised financial player, can now be considered complete. This process started in 2013 and was completed during the 2016-2019 three-year plan: we sold the remaining holdings in our investment portfolio, with the exception of the 13% stake in Assicurazioni Generali, that today represents the Insurance division’s main asset .

The acquisitions strategy launched in June 2013 with the approval of the 2014-2016 plan represented a genuine strategic turning point, since Mediobanca has previously favoured internal growth. We focused our growth strategy in the Wealth Management division, which has been our priority since 2016, by acquiring the remaining 50% of Banca Esperia, the Italian retail activities of Barclays and specialized asset managers: Cairn Capital (become Polus Capital after merging with Bybrook), Ram AI and Bybrook.

Through M&A  we also strengthened our Corporate & Investment Banking division. We expanded our presence in France with the acquisition of the French boutique Messier et Associés in April 2019 and in the Digital Economy sector with the strategic agreement signed with Arma Partners LLP in May 2023.

The strong capital position allows us to maintain a buffer of approx. 100 bps for possible M&A opportunities to support the Group’s business development, calculated on a minimum CET1 FL level of 13.5%. Moreover, the 13% stake in Assicurazioni Generali represents an additional source of capital for external growth. Over the next 2023-2026 plan, we intend to continue our expansion also through targeted acquisitions of companies that can accelerate our growth in core activities, with a preference for businesses with low capital intensity and high commissions. When choosing potential target companies, we also consider cultural compatibility and the ethical business approach. The acquisitions respect the value creation criteria the group has always employed.