Italy’s Mediolanum appoints Secchi as chairman as profits soar by 125%

Italy’s bank Mediolanum has appointed Carlo Secchi (pictured), former dean of Bocconi University, as chairman of the group, and has confirmed the possible acquisition plan of Fininvest gestione Servizi and Fin. Prog. Italia, currently controlled by its insurance arm Mediolanum Assicurazioni.

The bank also posted positive results for the first half of the year. Net profits increased by 125% during H1, reaching €217.5m at the end of June.

Assets administred by the group stood at €49bn on the same date, a 5% increase since the beginning of the year.

Banca Mediolanum reported €1.76bn net inflows during H1, a 17% year on year increase.

Banca Esperia, the wealth management group owned by Mediolanum, posted €3.8m net profits and reported €13.2bn assets under management at the end of June.

Click here to read an interview with Andrea Cingoli, chief executive at Banca Esperia.

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