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☆ Mediobanca CEO and allies keep grip on bank after shareholder vote
▼ + stars: | 2023-10-28 | by ( Gianluca Semeraro | ) www.reuters.com time to read: +3 min

Mediobanca CEO Alberto Nagel poses for a photograph in the occasion of a news conference to present Mediobanca's new business plan in Milan, Italy, November 12, 2019. Under Nagel, Mediobanca has moved away from its historic role as a financial holding company and boosted its wealth management and consumer credit operations, also through acquisitions. But his strategy had come in for criticism, initially from the late Leonardo Del Vecchio, whose holding company Delfin has a 19.7% stake in Mediobanca. The Delfin list took 32% of the total capital in the vote. A small group of institutional investors who had filed a third list took the remaining seat.

Persons: Alberto Nagel, Flavio Lo Scalzo, Delfin, Nagel, Pagliaro, Mediobanca, Leonardo Del Vecchio, Renato Pagliaro, Del Vecchio's, Francesco Milleri, Delfin's, Gianluca Semeraro, Keith Weir Organizations: REUTERS, Companies, MILAN, Thomson Locations: Milan, Italy, Mediobanca, Generali

☆ Mediobanca posts record profit ahead of vote on new board
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

A logo of Mediobanca is pictured at Mediobanca headquarters in Milan, Italy, November 12, 2019. REUTERS/Flavio Lo Scalzo/File Photo Acquire Licensing RightsMILAN, Oct 26 (Reuters) - Mediobanca (MDBI.MI) posted its best-ever quarterly profit on Thursday, ahead of a key shareholder vote to name the Italian bank's new board and hand Chief Executive Alberto Nagel a new three-year mandate. Net profit rose 34% year-on-year to 351 million euros ($370 million) in the three months through September, beating a bank-provided analyst consensus of 315 million euros, thanks to contributions from wealth management and insurance. Del Vecchio, who died last year at the age of 87, had criticised Nagel for failing to grow the investment bank's business decisively and hampering expansion at insurer Generali (GASI.MI), in which Mediobanca is the main shareholder. ($1 = 0.9489 euros)Reporting by Gianluca Semeraro; editing by Alvise Armellini and Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Flavio Lo Scalzo, Alberto Nagel, Revenues, Mediobanca, Delfin, Leonardo Del Vecchio, Del Vecchio, Nagel, Gianluca Semeraro, Alvise Armellini, Valentina Za Organizations: REUTERS, Thomson Locations: Milan, Italy, Italian, Del

☆ Two U.S. funds to vote Mediobanca outgoing board's slate for board renewal
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 19 (Reuters) - The U.S. funds CalSTRS and New York City Comptroller said on Thursday they would vote in favour of the outgoing board's slate of nominees for the new Mediobanca board at the bank's annual meeting this month. Mediobanca's outgoing board has proposed 15 members, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro ahead of the Oct. 28 meeting. The two funds did not disclose their stakes in Mediobanca. Proxy adviser Institutional Shareholder Services (ISS), Glass Lewis and Pensions & Investment Research Consultants (PIRC) said last week they were recommending Mediobanca investors vote in favour of the outgoing board's slate of nominees. Reporting by Gianluca Semeraro editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Glass Lewis, Gianluca Semeraro, Keith Weir Organizations: MILAN, New York, Services, Pensions & Investment Research Consultants, Thomson Locations: U.S, New, Mediobanca, Italian

☆ Proxy adviser Glass Lewis backs Mediobanca outgoing board's slate for board renewal
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 13 (Reuters) - Proxy adviser Glass Lewis said on Friday it was recommending that investors in Italian bank Mediobanca (MDBI.MI) vote in favour of the outgoing board's slate of nominees for the new board. The board is elected for a three-year term, and the current one expires on Oct. 28, when Mediobanca shareholders will vote on its renewal, including the chief executive. Mediobanca's outgoing board has proposed 15 members, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro. On Wednesday, proxy adviser Institutional Shareholder Services (ISS) said it was recommending that Mediobanca investors vote in favour of the outgoing board's slate of nominees. Reporting by Gianluca Semeraro; editing by Gavin Jones and Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Glass Lewis, Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Gianluca Semeraro, Gavin Jones, Kirsten Donovan Organizations: MILAN, Services, Thomson Locations: Italian

☆ Proxy adviser ISS backs Mediobanca's outgoing board slate for board renewal
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

MILAN, Oct 11 (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) said on Wednesday it was recommending that Mediobanca (MDBI.MI) investors vote in favour of the outgoing board's slate of nominees for the Italian bank's new board. The bank's board is elected for a three-year term and the current term expires on Oct. 28, when Mediobanca shareholders will vote on the renewal of the board, including the chief executive. Mediobanca's outgoing board has proposed 15 members for the full board, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro. Mediobanca's outgoing board's slate of nominees "is adequately positioned to represent the long-term interests of institutional investors and carry out an effective oversight of the management's action", ISS said in a report. The current board has the support of a group of Italian investors, representing a combined 10.9% stake.

Persons: Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Francesco Gaetano Caltagirone, Gianluca Semeraro, Leslie Adler Organizations: MILAN, Services, Thomson Locations: Italian

☆ Group of Italian investors in Mediobanca backs new term for CEO Nagel
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

MILAN, Sept 25 (Reuters) - A group of Italian investors with a combined 10.9% stake in Mediobanca (MDBI.MI) will vote to give Chief Executive Alberto Nagel a new term at a shareholders' meeting on Oct. 28, one of the group's members said on Monday. The bank's board is elected for a three-year term and the current term expires on Oct. 28 when Mediobanca shareholders will vote on renewing the board, including the CEO. The group of investors, who in 2018 signed a consultation agreement on the most important issues regarding the bank, met on Monday. Another member of the group, who did not wish to be identified, said all members of the group would vote to keep Nagel as CEO. Nagel has so far enjoyed the support of institutional investors who collectively account for 45% of the bank's capital.

Persons: Alberto Nagel, Nagel, Del, Delfin, Francesco Gaetano Caltagirone, Mediobanca's, Renato Pagliaro, Angelo Caso, Pagliaro, Gianluca Semeraro, Susan Fenton Organizations: Banca Mediolanum, Delfin, Thomson Locations: Mediobanca

☆ Mediobanca teams up with UK's Founders Factory in fintech push
▼ + stars: | 2023-07-24 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

MILAN, July 24 (Reuters) - Mediobanca (MDBI.MI) will partner with London-based Founders Factory, an early-stage investor in new businesses, to promote fintech start-ups, the two companies said, as the Italian bank works to grow its international and tech footprint. Mediobanca will invest 12 million euros ($13 million) in a joint venture with Founders Factory with a view to building up 35 fintech ventures over the next five years. Founders Factory has invested so far in more than 300 tech companies, including nearly 50 financial technology ventures. "The (Mediobanca-Founders Factory) venture studio will build, finance and launch new fintech ventures that utilise advanced technologies, such as blockchain and artificial intelligence, to innovate the financial services market", the companies said. ($1 = 0.9029 euros)Reporting by Elvira Pollina; editing by Valentina Za and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Alberto Nagel, Mediobanca, Nagel, Elvira Pollina, Valentina Za, Gavin Jones Organizations: MILAN, Factory, fintech, Founders Factory, Arma Partners, Thomson Locations: London, Acre

☆ Mediobanca sells bad loan purchase business ahead of new plan
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

Banca IFIS (IF.MI) agreed to buy Revalea, a unit Mediobanca set up last year by separating purchasing from management of bad debts. It was the second deal announced by Mediobanca in days as it prepares to present a new business plan through 2026 on Wednesday. Revalea, with a staff of 22, holds 6.8 billion euros in unsecured bad loans, which have a net book value (NBV) of 256 million euros. However, by freeing the bank of bad loans, the deal will add around 10 basis points to core capital, it said. The acquisition will allow IFIS to achieve a bad loan purchase target of 30 billion euros in gross terms and 1.8 billion net set out under its 2022-2024 plan.

☆ Mediobanca open to talks on Banca Generali buyout if asked
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

Last month a source said insurer Generali (GASI.MI) could sell Banca Generali (BGN.MI) to Mediobanca to raise cash for a potential big deal of its own in the United States. If we are contacted, we are willing to talk about it," Nagel told a briefing call when asked about a possible interest in Banca Generali. "This applies to every asset," he added, not only to Banca Generali. To grow Mediobanca's wealth management operations, Nagel in 2020 considered swapping the group's 13% stake in Generali with Banca Generali. Net income in the quarter came in at 263 million euros ($264.2 million), above an analyst consensus provided by the bank of 230 million euros.

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