FILE PHOTO: A logo of Mediobanca is pictured at Mediobanca headquarters in Milan, Italy, November 12, 2019. REUTERS/Flavio Lo Scalzo/File Photo
MILAN (Reuters) - Mediobanca will partner with London-based Founders Factory, an early-stage investor in new businesses, to promote fintech start-ups, the two companies said, as the Italian bank works to grow its international and tech footprint.
Mediobanca will invest 12 million euros ($13 million) in a joint venture with Founders Factory with a view to building up 35 fintech ventures over the next five years.
The move comes after Mediobanca, which for years has tried to expand its international presence in advisory and investment banking, in May agreed to buy London-based Arma Partners, a leading tech advisory firm.
"The [Mediobanca-Founders Factory] venture studio will build, finance and launch new fintech ventures that utilise advanced technologies, such as blockchain and artificial intelligence, to innovate the financial services market", the companies said.
Mediobanca's long-standing CEO Alberto Nagel is seeking a new mandate in the autumn after unveiling a new strategy through 2026 at the end of May.
While Mediobanca still reaps a significant chunk of its income from its holding in top insurer Generali, Nagel has grown the group's business also in consumer credit and wealth management, in addition to its traditional merchant banking activities.
Mediobanca said its new investment fitted with its latest business plan which set as digital priorities the adoption of artificial intelligence solutions to support its sales force, cut costs and improve customer experience.($1 = 0.9029 euros)
(Reporting by Elvira Pollina; editing by Valentina Za)
