The Italian group has formed a new private banking group to serve high net worth clients.

Mediobanca, the Italian financial group, has created a private banking operation, a wholly-owned subsidiary.

The entity, Mediobanca Private Banking, was formed after Banca Esperia was merged into Mediobanca.

The Italian group said the transaction was “consistent with the strategy outlined in the 2016-19 plan, one of the priorities of which was the development of wealth management and top-end asset management services”.

The private bank consists of 90 bankers and a footprint across Italy, and will be headed by Angelo Viganò who will lead the division. Viganò joined Banca Esperia in 2009, since when he has taken on roles of increasing responsibility, most recently as head of key clients.

“The merger of Banca Esperia into Mediobanca, after 100 per cent control was achieved in April this year, marks a further acceleration in our wealth management operations,” Francesco Saverio Vinci, general manager of Mediobanca, said. 

“The launch of the new Mediobanca Private Banking brand puts the finishing touches to our coverage of the top end of the market (and the family office segment), which is already managed outside of Italy by Compagnie Monégasque de Banque and in fiduciary services through Spafid, and provides an opportunity to develop a unique service in private and investment banking which can make Mediobanca’s strong corporate expertise available for the benefit of its private clients,” Vinci said.