Mediobanca, the Milan-based investment bank, has announced a 100 per cent rise in pre-tax profit for its private banking business in the nin...

Mediobanca, the Milan-based investment bank, has announced a 100 per cent rise in pre-tax profit for its private banking business in the nine month period to March 31, 2005. The Italian bank reported pre-tax profits of €29.2 million ($36.9 million) for its private banking business. Mediobanca runs two private banks: Banca Esperia and Campagnie Monegasque de Banque. Banca Esperia was set up in July 2002 as a joint venture between Mediobanca and Mediolanum, another Milan-based bank. It aims to be one of the leading private banks in Italy and has managed to gather more than €4 billion in assets under management since its launch. Compagnie Monégasque de Banque is Mediobanca’s offshore private banking business and has a major presense in Monaco. It has around €6 billion of assets under management.