The Intesa Sanpaolo Group has established a new regional center in Central and Eastern Europe (HUB), which is the result of strategic cooperation between Eurizon Capital and the International Subsidiary Banks Sector, thereby consolidating all its activities in the asset management sector.
The center (HUB) has been introduced as part of a project to rationalize existing holdings: VUB Asset Management, a Slovak company based in Bratislava, which takes on the role of the operational holding company, to which Hungarian CIB Investment Fund Management and Croatian PBZ Invest will report.
As of March 31, 2013, these three companies had approximately 2 billion euros in assets under management, which are included in the domain of Eurizon Capital SGR.
The center is overseen by Eurizon Capital SGR with a 50.1 percent stake through the Luxembourg company Eurizon Capital SA. Slovak bank VUB Bank holds a 40.6 percent stake, while Croatian bank PBZ participates with a 9.3 percent stake.
The main objectives of the project are to consolidate and strengthen the Group’s asset management activities in Slovakia, Hungary, and Croatia by developing asset management in Central and Eastern Europe, improving service quality and product innovation, and rationalizing the production structure.
– The initiative is part of a strategy aimed at geographical diversification and strengthening Eurizon Capital’s presence abroad. Cooperation with the Group’s banks in Central and Eastern Europe aims to replicate what has already been done in Italy with Banca dei Territori in terms of services and synergies between SGR and distributors – stated Mauro Micillo, CEO of Eurizon Capital SGR.
