Finance
Italy's Azimut signs binding agreement with FSI to create fintech bank
Published by Global Banking & Finance Review®
Posted on May 22, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 22, 2025
1 min readLast updated: January 23, 2026
Azimut and FSI have signed an agreement to launch a fintech bank in Italy, with Azimut selling an 80.01% stake to FSI and retaining 19.99%.
(Reuters) -Italian asset manager Azimut said on Thursday it had signed a binding agreement with domestic private equity fund FSI to create a fintech bank, spinning off a portion of its financial adviser network into the new entity.
The agreement enabled Azimut to update its 2025 net profit guidance, which now stands at 1 billion euros ($1.13 billion) on the assumption the new bank (TNB) receives authorization to operate in 2025.
Under the deal, Azimut will sell an 80.01% stake in TNB to FSI, pocketing around 240 million in cash at closing.
Azimut will retain a 19.99% stake in TNB.
The asset manager entered exclusive talks with FSI on the project in December, after first announcing the spin-off in March 2024.
The agreement also includes a long-term industrial partnership between Azimut and TNB, covering asset management, financial advisory and banking services.
Azimut said that its financial products distributed through TNB should generate at least 2.4 billion euros in net fees over the next 12 years.
($1 = 0.8878 euros)
(Reporting by Alberto Chiumento, editing by Valentina Za and Gavin Jones)
Azimut signed a binding agreement with FSI to create a fintech bank, TNB, by spinning off a portion of its financial advisory business.
Azimut will retain a 19.99% stake in TNB after selling an 80.01% stake to FSI.
Azimut updated its 2025 net profit guidance to 1 billion euros, assuming TNB receives authorization to operate in 2025.
Azimut will receive approximately 240 million euros in cash at the closing of the deal with FSI.
Azimut expects its financial products distributed through TNB to generate at least 2.4 billion euros in net fees over the next 12 years.
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