Azimut shares rise on fintech bank deal

Azimut Holding

23/05/2025 08:57

** Shares in Italian asset manager Azimut AZMT.MI climb as much as 5.3% after it signed a binding deal late on Thursday with private equity fund FSI to launch fintech bank TNB

** "We expect positive implications from the announcement, as the transaction allows for valuing a portion of the business at higher multiples than those at which Azimut trades," brokerage Equita says

** The deal enables Azimut to update its 2025 net profit guidance to 1 billion euros ($1.13 billion) on the assumption that the new bank receives authorization to operate this year

** Brokerage Banca Akros says the deal strengthens Azimut's ability to invest in growth and remunerate shareholders

** It also demonstrates the asset manager's ability in execution, Equita adds

** By 0750 GMT, Azimut's shares are trading up 4%, bringing their YTD gains to 12.8%

($1 = 0.8822 euros)

 (Reporting by Romolo Tosiani)

 ((Romolo.Tosiani@tr.com))