Best private bank in Italy

Banca Generali’s strong performance since the start of the pandemic led the Italian bank to reach its 2019-2021 financial targets six months ahead of plan. Net inflows since the beginning of last year have exceeded €10bn ($11.6bn), of which €6bn came in 2020 alone, helping boost client assets to almost €80bn. “These outstanding results are mainly due to the resilience of our private bankers’ network and the quality of our offering, but also to the new environment created by the pandemic,” says Gian Maria Mossa, CEO at Banca Generali. Covid-19 has greatly accelerated the digital transformation of the Italian financial industry and technology was a key factor in retaining customers’ trust during lockdowns, he says. “This new scenario provided a boost for Banca Generali, which has been working to develop a ‘phygital’ client service approach for the past seven years.”

The bank’s “sustainable approach” is also a key success factor, both for its expanding environmental, social and governance (ESG) product offering, for which there is increasing client demand, and its business model aimed at long-term growth. Being close to families and entrepreneurs during the pandemic was not only part of the bank’s business, but also “a moral duty”, says Mr Mossa. Among other initiatives, the bank introduced new forms of lending for entrepreneurs. Along with Credimi, the digital invoice financing platform for small and medium-sized enterprises, and the bank’s major stakeholder Assicurazioni Generali, Banca Generali issued more than €100m to support the real economy. Also, in June 2020, it launched BG4Real Economy, a programme aimed at meeting the demand for credit and private capital from businesses and the economic system, through dedicated services and innovative products in the alternative space.

To pursue long-term stability and increase diversification in clients’ portfolios, the bank recently added more than 20 financial instruments to its Luxembourg-based platform, with innovation, ESG and long-term themes being the key elements of the new offering. Looking forward, the bank’s primary goal is to improve its ability to meet clients’ wealth planning needs, by enhancing digitalisation and expanding its open banking platform. This enables the institution to easily introduce new services to meet evolving client needs, with areas such as digital investments, ‘proptech’ and cryptocurrencies now available. ET