The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Western Europe: Wealth managers unlock Italian digital banking

Fineco share price shoots up; rivals set up similar businesses.

When it comes to capturing retail clients, ING has not yet enjoyed the same level of success in Italy as it has in Germany or Spain. Chief executive Ralph Hamers admitted this much to Euromoney in August, blaming Italy’s general openness to digital channels, though he predicted a shift would come that could allow online banks like his to put on exponential growth.

However, a surge in digital banking is already happening in Italy, according to locals, although in a different way to ING’s purer online approach. They point, for example, to the share performance of Finecobank, which describes itself as the “direct multichannel bank” of UniCredit, Italy’s biggest bank.


 Our sails are in the

right direction

Alessandro Foti,

Fineco’s shares almost doubled in the year following its IPO in July 2014. Its 2015 first half profit rose by almost a third, to €93 million, thanks to strong increases in revenues and a cost-to-income ratio below 45%. That contrasts to the group’s stagnant revenues, and stubbornly high cost-to-income (about 60%). UniCredit’s share price in late August was roughly similar to a year before, while shares in Italy’s second biggest bank, Intesa Sanpaolo, have risen almost 50%.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree