Mediobanca - Banca di credito finanziario S.p.A.

Mediobanca – Banca di credito finanziario S.p.A. is an Italian banking group headquartered in Milan, established in 1946 and listed on Borsa Italiana’s FTSE MIB index. The group operates a diversified model built around four areas: Corporate & Investment Banking (advisory on M&A, ECM/DCM, lending and structured finance, markets and brokerage), Consumer Finance (Compass, focused on personal loans, cards and point‑of‑sale/installment financing), Wealth Management (Mediobanca Private Banking, CheBanca! for affluent retail, and CMB Monaco), and Principal Investing, historically centered on a significant stake in Assicurazioni Generali. Activities are concentrated in Italy with selective coverage of France, Spain, Germany and the UK for investment banking and distribution. Funding combines customer deposits from CheBanca! and private banking with wholesale instruments including senior unsecured, covered bonds, subordinated debt and consumer‑loan securitizations; ECB funding has been used when available, and regulatory liquidity metrics are kept above minimums. The balance sheet reflects a comparatively low stock of non‑performing exposures relative to the domestic system and a cost of risk driven mainly by the consumer portfolio; underwriting and provisioning follow IFRS 9, and credit risk is diversified across retail and corporate books with exposure to cyclical sectors managed through concentration limits. Capital ratios, including CET1, exceed supervisory requirements, leverage is within SSM thresholds, and the bank holds investment‑grade ratings from major agencies; shareholder distributions have combined cash dividends with periodic buybacks subject to approvals. Recent performance has been supported by higher net interest income from the rate environment, steady fee income from advisory and wealth, and controlled operating costs, while the 2023–2026 plan prioritizes growth in wealth and consumer finance, a more capital‑light CIB mix, and a reweighting toward fee‑based revenues. Governance adopts the traditional Italian model with a board of directors and a board of statutory auditors; ownership is largely free float alongside a significant shareholder, Delfin, and other institutional investors, and the 2023 board renewal confirmed the incumbent slate after a contested vote. The bank is supervised by the ECB as a significant institution, publishes detailed statutory and Pillar 3 disclosures, and reports ESG targets for lending and investment with sectoral exclusions and financed‑emissions objectives. Key sensitivities remain Italian macroeconomic conditions, interest‑rate and funding dynamics, consumer credit performance, regulatory changes, and market and concentration risk linked to equity investments in the principal investment portfolio.