Azimut Relaunches Plan to Create a Fintech Bank, and Partners with Illimity

Azimut looks to Illimity to build its new bank. According to rumors, the group is evaluating the purchase of some assets from the institute founded by Corrado Passera. The operation would be preparatory to the launch of Azimut’s fintech bank, announced in March and expected in spring 2025.

The Azimut Plan

Azimut intends to spin off part of its network and merge it into a new digital bank that will have at least 20 billion in assets under management at launch and 1,000 financial advisors who, over time, may become shareholders.

These activities will be separated from the holding company in the already established vehicle Azi First, destined for listing on the stock exchange with an expected valuation of between 1.8 and 2.2 billion.

The role of Illimity

The plan has taken shape in recent months, during which Azimut has been looking for the various bricks needed to give it shape with the help of consultants from Bank of America.

One may have found it in Illimity. Already a long-time partner of the group led by Pietro Giuliani, the institute could provide the banking license necessary for fintech and some typical “making a bank” products, receiving in exchange a “cash” payment from Azimut or a share of the new company.

The negotiation is still ongoing, but the outcome should not be long in coming: the designated CEO of Azimut’s new bank, Paolo Martini, has announced that the name of the spinoff and the identity of its reference shareholder will be revealed by December.

This partner will hold a stake of around 50% of the company spun off from Azimut and could be another banking institution or a private equity fund.

The hunt for the bottom

In the first case, Azimut will not need to acquire a license and banking products from Illimity because it will already find them in its ally’s portfolio. In the second, if the fintech’s strong partner is an investment fund, the Illimity operation could instead accelerate. And, from what has filtered out, the latter seems the most likely scenario at the moment, despite private equity funds rarely investing in partnerships.

The objectives

On the other hand, Azimut’s new bank has ambitious goals: it aims to double profits and assets under management within five years, attracting 500 new professionals from the market to manage other people’s assets.

The project also includes the launch of a distribution network of financial advisors in Spain and collaboration – possibly strengthened by an equity stake – with an Italian family office specialized in servicing clients with a fortune exceeding $30 million.

Azimut’s activities

As for Azimut Holding, the group will remain listed and will continue with its current strategy, maintaining its distribution activities in Italy with approximately 850 consultants, the global asset management platform, the partnership with UniCredit and all other fintech and investment banking activities. Azimut will also have a 20-year guarantee from the new entity on the revenues generated by the new bank’s starting assets and will make use of its services.

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(Featured image by Jonas Leupe via Unsplash)

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First published in CORRIERE DELA SERA. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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