Mediobanca interested in wholesale banking acquisitions - CEO UPDATE |
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Mon, 29 Oct 2007 16:54
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(Updating with Nagel comments on growth, financial targets, Generali)MILAN (Thomson Financial) - Mediobanca SpA is interested in acquisitions in the wholesale banking sector as well as acquisitions in private banking and retail financial services, Mediobanca CEO Alberto Nagel said in a conference call with analysts.'We are interested in upping our size and scale in wholesale banking though we'll remain cautious on asset value assessment,' Nagel said.Nagel said the bank was especially interested in growth opportunities in Germany where it already has a presence.'We have important ambitions there,' he said, adding that Mediobanca is keen to develop working relations in Germany with Commerzbank, one of its shareholders, and with Sal Oppenheim, the German Bank which is reportedly interested in taking a stake in Mediobanca.Nagel said the bank is also interested in acquisition opportunities in private and wholesale banking in Switzerland.On the financial front, Nagel confirmed his confidence that the bank will beat its three-year business target of a net profit of 850 mln eur at the end of the 2007-2008 financial year.After a first quarter above expectations 'we are more confident of beating our 3-year net target of 850 mln eur,' he said.'We have always been cautious about thinking another year of profits of 950 mln eur like last year is possible. We are still cautious, but more optimistic,' he said.Nagel said the current financial year will be a good one for fees. 'It will be better than last year,' he said.The CEO said he does not see any slowdown for the loan book in the next quarter. 'We have seen no slowdown in corporate demand for credit,' he said.Asked about recent demands for change in corporate governance by investors at Assicurazioni Generali SpA, in which Mediobanca has a 15.67 pct stake, Nagel reiterated Mediobanca's, and Generali's, position that the group is prepared to consider changes.'We are open to further improvement in corporate governance (at Generali) if possible,' he said.stephen.jewkes@thomson.comsj/sal/sj/ajbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Mediobanca interested in wholesale banking acquisitions - CEO 