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Italian Bank Looks for Private Banking Acquisition

Contributing Editor

9 March 2006

Milan-based investment bank Mediobanca is keen to expand its private banking business through an acquisition, according to local press reports. Senior officials said the bank was keen to grow its business in France and Spain. It Italy, Mediobanca currently runs Banca Esperia, a wealth management joint venture with Mediolanum, another Italian investment bank. Banca Esperia is one of the biggest private banks in Italy despite only being launched in July 2002. It now has more than $5 billion of assets under management. There has been continuous speculation about Mediobanca wanting to sell Banca Esperia. But these latest comments might suggest Mediobanca is keen to hold onto the bank and grow the business. Outside Italy, Mediobanca owns Campagnie Monegasque de Banque, which is based in Monaco. It also recently opened an investment and private banking presence in Luxembourg.