|Bid||7.98 x 0|
|Ask||8.11 x 0|
|Day's range||7.71 - 7.71|
|52-week range||7.61 - 10.86|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||7.58|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
MILAN (Reuters) -Italy's Mediobanca beat quarterly revenue and profit expectations, pointing to a bigger than expected increase in fee income as a diversified business model helped it ride out economic and market turmoil. Chief Executive Alberto Nagel told a press briefing on Friday that the bank continues to look for acquisition opportunities, favouring bolt-on deals with "limited execution risk", such as those in the "buy now, pay later" sector. Nagel has previously considered buying Generali's private banking unit Banca Generali and merging with Banca Mediolanum, although no deals materialised.
Antonio Horta-Osorio, the former chairman of Credit Suisse, will take on a role as a senior adviser at Italy's Mediobanca from August, the Italian financial services group said on Friday. Horta-Osorio left Credit Suisse in January after only nine months following an internal probe into his personal conduct, including breaches of COVID-19 rules. His role at Mediobanca will be to support the implementation of its strategy, working with the co-heads of Corporate & Investment Banking, Francisco Bachiller and Giuseppe Baldelli, on expanding client relationships and deal activity across Europe, the bank said in a statement.
Mediobanca's stake in Generali is down to just under 13% after the investment bank returned shares it had borrowed to have a greater say at a shareholder meeting of the insurer last month, a regulatory filing showed on Wednesday. The bank had borrowed shares in Italy's biggest insurer to reach a 17.2% voting stake at the annual general meeting (AGM) where Mediobanca-backed CEO Philippe Donnet was elected for a third term, surviving a challenge from rebel domestic investors who were calling for a change at Generali. The vote followed months of bitter infighting at the heart of Europe's third-largest insurer with investor Francesco Gaetano Caltagirone, backed by his fellow billionaire Leonardo Del Vecchio, pushing to appoint new top executives to pursue their own plan for faster growth and more acquisitions.