Banco Mediolanum plans German arm’s sale while focuses on Spain push

Banco Mediolanum has announced its plans to sell part of its German subsidiary due to the slow growth the Italian bank is experiencing in the region.

The company, which has not disclosed yet the stake it plans to sell, has attributed this slow growth partly to the high costs it had to assume when it launched the bank in Germany. Banco Mediolanum’s chairman Massimo Doris, says: “When we launched the German subsidiary, we should have started with a financial advisory network instead of with the launch of a bank. In that way, we would have saved money.”

Banco Mediolanum has also said it wants to focus in Spain and Italy and has unveiled it will not launch offices in any other countries.

The bank’s profits in Spain amounted to €3m in the first quarter of 2018, down year-on-year when it gained almost €7m, Banco Mediolanum announced.

Globally Banco Mediolanum gained almost €60m in Q1 2018, also down compared with the same period a year earlier when it amounted to some €85m.

“Each family banker in Spain has around 100 clients against the 120 clients on average from Italy. From the total amount of 5,219 financial advisers Banco Mediolanum has globally, 913 are in Spain, where we believe there is room for 5,000 family bankers in the future,” Doris reckoned.

ABOUT THE AUTHOR
Eugenia Jimenez
Eugenia Jiménez speaks Spanish and is Iberia Correspondent for Investment Europe covering Spain & Portugal, as well as assisting with coverage of Italy. She holds a UK NCTJ- accredited Multimedia News Reporting course and studied Journalism at the University of Sevilla. She has worked for local media organisations in Sevilla and Málaga, mainly in broadcasting as a news reporter, among other roles. She has also worked for a local newspaper in Sevilla, reporting on current affairs, local government and culture.

Read more from Eugenia Jimenez

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