Investing.com -- Shares in the Italian asset manager, Azimut (AZM), saw a rise of up to 4.2% on Friday following the signing of a binding agreement with private equity fund FSI.
The deal, completed late on Thursday, is set to pave the way for the launch of a fintech bank named TNB.
The agreement has allowed Azimut to revise its net profit guidance for 2025 to 1 billion euros ($1.13 billion).
This updated forecast is based on the assumption that the new fintech bank, TNB, will receive the necessary authorization to commence operations within this year.
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