Ennio Doris: Mediolanum runs political risks
While Italy’s conventional banks struggle to achieve scale and market share at home and abroad, Ennio Doris continues to steer his Mediolanum organization to greater prominence. Its asset-gathering strategy seems to have paid off. Keeping his sleeping partner, prime minister Silvio Berlusconi, on his side remains one of his biggest headaches.
Ennio Doris, chief executive of Banca Mediolanum, is by no means a shy and retiring type. For instance, the 61-year-old has starred in his own bank's television advertisements, filmed on locations ranging from Cornwall to South Africa, selling his company as "the bank built around you".
Doris says his personal passion is to "take an axe to the petrified forest", the phrase used by former Italian prime minister Giuliano Amato nearly 10 years ago to describe Italy's inefficient and antiquated banking sector.
With Italian banks such as Unicredito Italiano, Istituto San Paolo Imi and Banca di Roma struggling to grow and produce strong returns at the same time, Mediolanum has been expanding by 30% a year for the past couple of years and expects to grow by double digits over the next 10.
"We see our funds under management growing by an average of more than 20% a year while our network should grow by at least 10% a year.