Banco Mediolanum: the challenge of replicating its growth in Italy in Spain

MilanThe Italian bank Mediolanum landed in Spain in 2000 with the purchase of Fibanc – an entity founded by businessman Carles Tusquets – with the idea of replicating its model in the transalpine country, operational since 1982. At the beginning of the new century, Spanish entities were struggling to expand their network of offices to reach every corner of the country: having branches was synonymous with success. Mediolanum, on the other hand, had for years been betting on a different system that revolved around the figure of what is called a family banker, financial advisors who offer to visit the client at their home and with whom they maintain constant contact. And far from the more traditional business of banks – where a good portion of clients have their immobile assets in bank accounts – these advisors move money and place it in investment funds, pension plans, or life insurance, among others.

Over the last 25 years, Mediolanum has made a place for itself in Spain. According to data provided by the entity itself, the client network has grown uninterruptedly over the last 16 years, exceeding 292,000 (in 2019 it was less than 140,000). Client assets have also tripled in the last seven years, to over 15.5 billion euros, while the network of family bankers comprises 1,670 professionals, an increase of 62% since 2019. "Growth rates in Spain are better than those registered in Italy 15 years ago," states Luca Bosisio, CEO of Mediolanum bank in Spain, in statements to ARA, during a press briefing in Milan to commemorate the group's 30th anniversary of its stock market listing.

After a quarter of a century of consolidation, the entity headquartered in the Lombardy capital believes it is time to redouble its efforts in the Spanish market, vindicating a business model that still sounds strange to some households in the country. In Italy, Mediolanum manages 21% of Italian families' savings through its network of advisors, while in Spain it still does not reach 1%. "In the last two and a half years, we have grown by more than 60% in wealth management compared to the first 23 years," indicates Bosisio, who feels “very optimistic” about the future of the Spanish subsidiary.

In this regard, and in times marked by digitization, the entity continues to claim the added value of its family bankers to convey tranquility to the client. "Advice is fundamental in times of artificial intelligence," emphasizes the CEO of the Mediolanum group, Massimo Doris, son of the founder, Ennio Doris.

For the company, using technology is inevitable, but it must always be done with the idea of "renting it." "We will not compete with giants like Apple [...], but we will take advantage of what these companies do to offer it to clients without neglecting interpersonal relationships," complements Bosisio.

Growth of the office network

Far from the current trends in the sector, focused on eliminating branches to reduce expenses, Mediolanum plans to expand its network of offices in the State, made up of about eighty of what the bank calls family bankers' office, spaces where its financial advisors can meet to work or meet with clients. New openings are planned throughout this year in cities such as Seville, Valencia, Malaga, and Bilbao.

A Barcelona, Mediolanum's flagship building is located on Barcelona's Diagonal, a space that until 2017 had also been the group's registered office in Spain. Coinciding with the Process, the entity moved its headquarters to Valencia, maintaining Barcelona as its operational center. Bosisio, in response to the question of a possible return to Catalonia, points out that it is all a matter of "operational interest". The Valencian Country is where the group has