Brief: Azimut Signs A Binding Agreement With FSI For Creation Of TNB
22/05/2025 17:34
May 22 (Reuters) - Azimut Holding SpA AZMT.MI: SIGNS A BINDING AGREEMENT WITH FSI FOR CREATION OF TNB SIGNED A BINDING AGREEMENT WITH FSI FOR CREATION OF TNB TRANSACTION WITH POTENTIAL TOTAL VALUE OF ABOUT 1.2 BILLION TO BE REALISED OVER TIME, FURTHER POTENTIAL UPSIDE FROM THE 19.99% STRATEGIC STAKE RETAINED BY AZIMUT IN TNB TNB IS REQUIRED TO GENERATE FOR AZIMUT A MINIMUM OF € 2.4 BILLION IN FEES OVER PERIOD OF AT LEAST 12 YEARS INDUSTRIAL PARTNERSHIP WITH A DURATION OF 20 YEARS TNB WILL BECOME MAIN THIRD-PARTY DISTRIBUTOR OF AZIMUT’S PRODUCTS AND NEW REFERENCE BANKING PARTNER FOR THE GROUP UPDATES 2025 NET INCOME TARGET TO €1 BILLION TNB WILL BE DIGITAL PLATFORM, BUILT TO MEET THE SPECIFIC NEEDS OF BOTH FINANCIAL ADVISORS AND CLIENTS TNB TO HAVE NETWORK OF OVER 900 PROFESSIONALS, OVER € 25.6 BILLION IN TOTAL CLIENT ASSETS AZIMUT REAFFIRMS ITS 2025 NET INFLOWS TARGET, ESTIMATED AT EUR 10 BILLION TO BUY BANK AS PART OF TNB CREATION FSI WILL HAVE 80.01% OF TNB'S SHARE CAPITAL Further company coverage: AZMT.MI (Gdansk Newsroom) ((gdansk.newsroom@thomsonreuters.com; +48587696600;))