Azimut sees next step in TNB transaction after nod from Bank of Italy
Azimut sees next step in TNB transaction after nod from Bank of Italy November 5 (Reuters) - Italian asset manager Azimut Holding AZMT.MI said on Thursday it expects private equity fund FSI to file an authorization request with the Bank of Italy to proceed with a transaction meant to create a new fintech bank.
Azimut's plan to spin off part of its network of financial advisers into a new entity known as TNB was stalled last year after an inspection by the Bank of Italy revealed "shortcomings" at one of its units.
The Bank of Italy concluded its review with a "partially favourable" assessment, outlining targeted areas for remediation to be presented by the end of the month, the asset manager said
Azimut now expects its partner FSI to file for the transaction before the end of their exclusivity period
Presenting financial results, Azimut on Thursday posted recurring net profit of €382.3 million ($430.51 million) in January-September, up 4% year-on-year
It confirmed full-year 2026 targets of over €35 billion in net inflows and a net income of around €550 million
($1 = 0.8880 euros)
(Reporting by Enrico Sciacovelli, editing by Alvise Armellini)