Italian asset manager, Azimut, aims to sell 80% of its new fintech bank to FSI by the end of March with a target market value between 1.8-2.2 billion euros ($1.9-$2.3 billion), as stated by Chairman Pietro Giuliani on Thursday. Giuliani noted that the goal is to have the TNB bank operational by the end of 2025, with Azimut planning to spin off part of its financial adviser network into a digital bank and attract external investors. In exclusive talks with FSI since December, Azimut is focused on finalizing the deal by March, transferring 80% of the new bank to FSI, with the remaining 20% retained by Azimut Holding.
Instead of acquiring a new banking license, Azimut plans to acquire one from a small bank already possessing it. Giuliani mentioned the intention to purchase this license during the current year from a selection of local banks, pending approval from the Bank of Italy. Emphasizing the aim to list TNB on the Milan Bourse, Giuliani did not specify the timeline for this move.
Azimut announced earlier that it expects its 2024 net profit to reach around 600 million euros, potentially rising to 1.25 billion euros this year if approval for TNB is granted and the FSI agreement is secured. In the absence of these developments, the company's net profit target is 400 million euros. Anticipating total net inflows of 10 billion euros in 2025 after completion and surpassing a 14 billion-euro target, Azimut plans to unveil its five-year business plan this year while expanding its operations into two new countries, one in Africa and the other in Asia.