Italian asset manager Azimut is preparing to create a new wealth management-focused digital bank called TNB through a binding framework agreement with private equity fund FSI.
TNB will be formed through Azimut’s planned acquisition and rebranding of another existing bank, which has been identified in partnership with FSI.
The target of the acquisition has not been disclosed, however, Azimut says the deal is currently in “advanced discussions”.
Once rebranded, Azimut will transfer its Italian distribution activities and select assets to TNB through a partial demerger, before selling an 80.01% stake in the bank to FSI and co-investors, retaining a 19.99% share.
The demerger is set to earn Azimut a total potential consideration of around €1.2 billion. This figure comprises €240 million in upfront cash, €210 million in long-term dividends, and up to €764 million in performance-based payments.
Azimut will continue to work closely with TNB through what it describes as a “long-term industrial partnership” covering asset management, financial advisory and banking services.
TNB will distribute Azimut’s financial products for at least 20 years, while serving as the asset manager’s primary banking partner. The partnership also includes a revenue guarantee, which will see Azimut receive at least €200 million in net fees from TNB annually for a minimum of 12 years, forecast to total €2.4 billion.
Related:Bank of Sydney taps Infosys Finacle for digital banking upgrade
Azimut says it plans for TNB to operate as a “new-generation, digitally-native bank dedicated to wealth advisory services”. The bank will be powered by a propriety technology platform developed by ION Group subsidiary Cedacri.
Paolo Martini, former CEO of Azimut Holding, has been named as the new CEO of TNB, which will manage over €25.6 billion in client assets once formed.
The deal, which has been underway between Azimut and FSI since December, is expected to close by the end of Q4 2025, subject to regulatory approval and other closing conditions.
Source: https://www.fintechfutures.com/
