Intesa Sanpaolo’s private banking arm, Fideuram Intesa Sanpaolo Private Banking (FISPB), on Tuesday 12 November 2024, a collaboration with Blackrock, a global leader in asset management, aimed at accelerating the growth of its digital wealth management services across Europe. The partnership will initially focus on expanding into Belgium and Luxembourg, regions where Intesa Sanpaolo’s subsidiary, Intesa Sanpaolo Wealth Management, already operates and has identified significant growth opportunities.
According to Carlo Messina, CEO of Intesa Sanpaolo, the partnership aligns with the bank’s broader strategy of enhancing its wealth management business while developing new digital solutions. “This agreement is a perfect fit with our strategy based on the growth of our wealth management business and the development of new digital solutions,” Messina said in a press release. The collaboration will focus on expanding FISPB’s European customer base by providing innovative wealth management solutions via digital channels.
The initiative will offer a range of services, including brokerage, hybrid advisory and discretionary portfolio management, all delivered through digital platforms. This expansion is part of FISPB’s broader efforts to enhance its wealth management offering both geographically and in terms of service quality. By partnering with Blackrock, FISPB intends to harness the asset manager’s extensive investment expertise, advanced technology and knowledge of the wealth market to strengthen its digital proposition, enabling clients to access a comprehensive investment offering.
The initiative will focus on helping customers transition from traditional savings to active investing, providing tailored strategies to meet their unique financial goals. These services will be designed to be both comprehensive and easily accessible, aligning with the growing demand for digital wealth management solutions.
Tommaso Corcos, head of Intesa Sanpaolo Wealth Management divisions, expressed enthusiasm about the collaboration with Blackrock, highlighting the opportunity to further strengthen the bank’s position in the European digital wealth management market. “We are excited about this new collaboration with Blackrock, which gives us the opportunity to strengthen our plans in digital wealth management and expand further in Europe,” Corcos said.
Rachel Lord, head of Blackrock International, noted that the combination of Blackrock’s global investment expertise and market-leading technology capabilities would help FISPB accelerate its growth in new and existing markets. “I am delighted that Blackrock’s global investment expertise and market-leading technology capabilities will enable FISPB to accelerate the next phase of growth for their business,” Lord said. “We look forward to helping them deliver for their clients in both existing and new markets and drive positive outcomes for a new generation of investors.”