07/03/2001
The Mediolanum Group discloses additional foreign expansion
Foreign expansion
Acquisition in Germany and Austria
New company in Montecarlo
The Mediolanum Group, proceeding with expansion plans abroad, has announced it has undertaken two important acquisitions in the German speaking market.
The first is regarding the acquisition of the holding company from Luxembourg,
Gamax Holding AG, which controls the distribution company,
Gamax Finanzdienste Vermittlugs GmbH, active in Germany and Austria, through Gamax Austria, and the asset management company,
Gamax Management AG.
The Gamax Group is principally owned by the Schmitz family.
The transaction has secured 100% control of the company and cost 70 Million Euro. An adjustment in the price in the next 3 years is expected and is related to the development of assets under administration and of net commissions. Gamax distributes through 1,800 independent advisors, of whom 380 are in Austria. Gamax has assets under management of 639 million Euro and 71,000 clients.
In 2000, the company recorded net profit of 4.4 million Euro.
The second acquisition is also focused on the German market, and regards the purchase of Bankhaus August Lenz & Co. by Banca Mediolanum from the Nynphenburg Immobilien AG Group for 12.5 million Euro. This deals with an old private bank with headquarters in Munich, currently operating in private banking and in the inter-bank market.
Bankhaus August Lenz will permit Mediolanum to execute in a relatively short period of time a fully operational banking platform. These two acquisitions build the framework for the duplication of the Mediolanum model in Germany and Austria for the distribution of insurance, investment and banking services. These transactions will be finalised once the required authorisations are received from the proper authorities.
Mediolanum Private S.a.m., a investment management, brokerage and consulting company focused on private clients in Monaco, has been established in Montecarlo and has obtained the required authorisation.
The new company was built as a joint venture with the prestigious local bank Compagnie Monegasque de Banque (CMB). The share capital is 500,000 Euro with a 75% ownership for Mediolanum and 25% for CMB. Mediolanum Private S.a.m. will be operative in September.
Ennio Doris, CEO of Mediolanum, had this to say about these acquisitions: “I am very satisfied with the acquisitions in Germany and Austria in so much as they have all of the characteristics we have been looking for. They represent an excellent starting point for reproducing the Mediolanum model. In the development of this new business venture, we will bring all of our know-how that we have developed during the years in Italy and Spain, enriching it with all of the experience that we will find in the acquired companies.”
Milan, July 30, 2001
Last update: July 30, 2001 - 15:00
