Italy's Banca Mediolanum is looking for a buyer for its 50% share in Banca Esperia, Massimo Doris, chief executive at the bank has confirmed.
Italy’s Banca Mediolanum is looking for a buyer for its 50% share in Banca Esperia, Massimo Doris, chief executive at the bank has confirmed.
Speaking at a press event in Milan, Doris (pictured) said: “Banca Esperia is on sale, but we are not under pressure to give it away. We have time to negotiate the deal.”
Fully owned by its founding shareholders Mediobanca and Banca Mediolanum, two giants in the Italian financial services industry, Banca Esperia is a boutique specialized in wealth management, with assets around €13,5 bn.
Doris added that so far Banca Mediolanum has not received any requests to buy the company.
“It’s only a matter of time to find the right price for it. For the moment we don’t have open negotiations,” he said.
Doris added that the boutique had a positive first quarter.
An exclusive interview with Andrea Cingoli, chief executive at Banca Esperia, will be published in the next issue of Investment Europe.