Italy’s Mediobanca to review its portfolio of activities, CEO
Italy’s investment bank Mediobanca will complete a strategic review of its portfolio of activities which will be completed in mid-2013 and which could see the bank refocusing on its core business, according to chief executive Alberto Nagel.
This could include disinvestments from the leasing business.
Presenting the bank’s first quarter results for 2012/2013, Nagel (pictured) said Italian firms have to adapt their range of activities according to the increased cost of attracting assets, increased volatility and instability of the euro area.
“We have a positive view on banks able to operate as boutiques on their domestic markets. There are opportunities to be taken even in the current market scenario,” he said.
The bank confirmed today €109m net profits during the quarter, up from €85m at the end of the previous one.
Nagel added that the ability to make net profits is still under pressure and that banks will still be forced to make cuts and to pay close attention to their cost base.