October 9, 2019 / 9:32 AM / 10 days ago

Mediobanca's new plan should rely less on Generali, consumer credit-Del Vecchio

MILAN, Oct 9 (Reuters) - A new business plan due to be unveiled by Mediobanca next month should rely less on contributions from the investment bank’s consumer credit unit and its stake in insurer Generali, shareholder Leonardo Del Vecchio said on Wednesday.

Del Vecchio, which became Mediobanca’s third biggest investor last month by snapping up 7 percent of the bank, said he expected the new plan to focus more on its investment banking business, boosting its role in Italy and Europe.

“I expect a new business plan that ensures Mediobanca does not rely only on Generali and Compass for its earnings but builds a future as an investment bank...able to play a leading role in Italy and Europe,” he told Radiocor news agency in comments confirmed by a spokesman of his holding company Delfin.

Reporting by Claudia Cristoferi, writing by Silvia Aloisi

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