Understanding Fineco Banco's Structure and History

Fineco Banco was founded in 1999 by a group of entrepreneurs who aimed to create a bank that would provide innovative financial solutions to individuals and businesses in Italy.

Fineco Banco is a subsidiary of Fineco Group, an Italian financial services company.

The bank's headquarters is located in Milan, Italy, and it has a strong presence in the country's financial market.

Fineco Banco offers a wide range of financial services, including banking, investments, and insurance products.

Fineco Banco has a rich history that's still making waves today. The bank's journey began with a clear vision of growth and greatness, and it's now one of the most important FinTechs in Europe, listed on the FTSE MIB.

Fineco was among the first to recognize the potential of digital disruption, and it's been at the forefront of this movement ever since. The bank's online brokerage was launched, combining banking with real-world customer needs, and a network of financial advisors was established, making it a top player in consulting and private banking.

Fineco's CEO, Alessandro Foti, is proud of the path the bank has taken, despite significant obstacles along the way. He's committed to sustainable growth and exploring new opportunities, both at home and abroad.

Fineco's history is a testament to its resilience and forward-thinking approach. The bank's journey began with a vision to disrupt the traditional financial sector.

Alessandro Foti, the Chief Executive Officer and General Manager, still gets emotional watching a video about the bank's history, a sign of how proud he is of the path they've taken. It's a path that's been marked by significant obstacles to overcome.

Fineco was among the first to recognize a major disruption on the digital horizon and made it the focus of their journey. They launched their online brokerage, combined it with a banking model that catered to real customer needs, and completed the business model with a network of financial advisors.

This strategic approach allowed Fineco to quickly establish themselves at the top of the consulting and private banking sector. They also looked beyond their borders, exporting their model abroad, and identified many avenues waiting to be explored.

We've been expanding our reach globally, and one key part of this is our International FinTech efforts. Since 2018, we've been working with our Irish company Fineco Asset Management to develop innovative investment solutions that cater to every customer need. This has allowed us to meet the diverse financial needs of customers worldwide.

Fineco's story begins with its predecessor, GI-FIN S.r.l., established in 1982.

This financial institution later became GI-FIN S.p.A. and then Istituto per le Cessioni del Quinto S.p.A. (ICQ), which was incorporated in 1983.

ICQ Banca Cisalpina was a subsidiary of Banca Popolare di Novara (BP Novara), with BP Novara owning 51.21% of its shares in 1990-91.

ICQ Banca Cisalpina was also a listed company, but it was delisted in 1996 by its new owner Banca Popolare di Brescia (Bipop).

In 1999, Bipop merged with Cassa di Risparmio di Reggio Emilia (Carire) to form Bipop Carire.

Bipop Carire reorganized ICQ Banca Cisalpina, as well as Fin-Eco Leasing and Fin-Eco Factoring, after the merger.

ICQ Banca Cisalpina was renamed to "Fin-Eco Banca ICQ S.p.A." (Banca Fin-Eco in short) in 1999, marking the launch of the current Fineco.

FinecoBank's financial reports are available for various periods, including half-year and full-year financial reports. You can find these reports on their website, often in PDF format.

The reports cover different periods, such as 1H22, FY21, FY20, and more. For example, the Consolidated First Half Financial Report as at June 30, 2022, is available in PDF format.

FinecoBank's financial performance is also documented in their reports. For instance, in FY21, the company reported a net profit of 68.4 million euros, according to Paolo Di Grazia, Deputy General Manager and Head of Global Business FinecoBank.

Here is a list of available financial reports:

Note that some reports may be available in Italian only.

Let's break down the financial information in a way that's easy to understand. The net profit adjusted is a staggering 68.4 million euros, a significant figure that reflects the bank's financial health.

Paolo Di Grazia, the Deputy General Manager and Head of Global Business at FinecoBank, is likely one of the key figures responsible for overseeing the bank's financial performance.

FinecoBank's share capital is a significant aspect of its financial information. The bank has a fully subscribed and paid-in share capital of €201,508,439.55.

This substantial amount is divided into a staggering 610,119,860 ordinary shares. Each share has a nominal value of €0.33.

The management of FinecoBank is led by Alessandro Foti, who serves as both CEO and GM. He is supported by a team of experienced professionals.

Paolo Di Grazia is the Deputy General Manager and Head of Global Business, bringing his expertise to the table. Gianluca Martinuz oversees the ICT and Security Office Direction, serving as the company's Chief Information Officer.

Here is a list of the key members of the FinecoBank management team:

The Board of Directors of FinecoBank S.p.A. has a Qualitative-Quantitative Profile that is considered "optimal" for the purpose of proper performance of its responsibilities.

The Board of Directors was appointed by the Ordinary Shareholders' Meeting of FinecoBank on April 28, 2020, and will remain in office until the approval of annual financial statements as at December 31, 2022.

The Board of Directors has a list of skills possessed by the Directors, which can be found in the document "Qualitative and quantitative composition of the Board of Directors of FinecoBank S.p.A."

The Board of Directors' list of competences is also available, as reported in the document "Report on Corporate Governance and Ownership Structures 2017".

Here is a list of the skills possessed by the Directors:

Note: Unfortunately, the article section facts do not provide the actual list of skills possessed by the Directors. However, it does mention that such a list is available in the document "Qualitative and quantitative composition of the Board of Directors of FinecoBank S.p.A.".

The Board of Statutory Auditors also has a Qualitative-Quantitative Profile, which was established and approved by the Board of Statutory Auditors on March 11, 2020.

The Supervisory Committee is made up of three members: Marianna Li Calzi, Salvatore Messina, and Patrizia Verdesca, with Marianna Li Calzi serving as President.

FinecoBank S.p.A's shareholder structure is composed of various stakeholders, with 9.583% of investments in financial instruments and aggregate on 11th May 2022.

The source of this information is the Ownership Consob, which provides significant holdings as of 28th March 2022.

FinecoBank S.p.A offers a range of services to its customers, including Fogli informativi, Conto euro, Deposito titoli, Servizio Multicurrency, Informazioni Europee Classic Multi, and Documento di Sintesi.

These services are designed to meet the diverse needs of FinecoBank S.p.A's customers.

Here is a list of some of the services offered by FinecoBank S.p.A:

FinecoBank S.p.A also provides guidance and information on various topics, including a Guida conto corrente, Diritto di recesso, and Liberi professionisti.

This guidance is designed to help customers navigate the bank's services and understand their rights and responsibilities.

The Chief Financial Officer (CFO) plays a crucial role in a company's management team. They oversee all administrative and fiscal services, including accounting, financial statements, and treasury.

In the case of Fineco, their CFO is also the Executive Manager and Chairperson of the Management Committee for Sustainability. This highlights the importance of considering sustainability in financial decision-making.

The CFO is responsible for strategic planning, management control, and investor relations. This is evident in the Fineco example, where the CFO managed the consolidation of an Austrian and German bank.

The CFO's role requires a deep understanding of finance and accounting, as well as leadership skills. With over 40 years of experience in the banking industry, the Fineco CFO has developed a strong foundation in these areas.

The CFO's responsibilities can be extensive, as seen in the Fineco example, where they also managed the Sustainability team. This demonstrates the importance of incorporating environmental and social considerations into financial decision-making.

FinecoBank has a well-established system in place for external auditors. They must be registered with the Ministry of Economy and Finance.

The external auditors are tasked with verifying that the company's accounting records are properly maintained and that operations are correctly reflected in the accounting records. They also provide an opinion on the annual report's compliance with regulations.

External auditors are required to audit the half-year financial statements, including the half-year interim financial report, as recommended by Consob. This ensures that the bank's financial position and results are accurately represented.

The current external auditors appointed by FinecoBank are Deloitte & Touche S.p.A. They can be contacted at Via Tortona, 25, 20144 Milano, or by phone at 02 83322111.

Here are the key responsibilities of the external auditors:

FinecoBank S.p.A. has a Global Policy for managing transactions with individuals in potential conflict of interest. This policy aims to control risk arising from situations where certain individuals are close to the bank's decision-making centers.

The policy was approved by the Board of Directors on December 16, 2021, after receiving positive recommendations from the Risk and Related Parties Committee and the Board of Statutory Auditors. It's an organic abridgement that unifies governance aspects, scopes of application, procedural, and organizational aspects.

The policy contains rules for managing transactions with related parties, associated persons, bank officers, and additional relevant persons in potential conflict of interest. It also covers loans granted to directors and their related parties.

Here are the specific rules and regulations the policy covers:

The Board of Directors assesses the policy annually to determine if revisions are needed, taking into account changes in regulations and the bank's governance and organizational structure.

Fineco's business model is a pioneering example of how technology and human interaction can come together in perfect harmony. This "cyborg advisory" model combines a powerful technological base with the interpersonal skills of financial advisors.

The key to Fineco's success lies in its ability to balance technology and human presence. By leveraging algorithms and quantitative metrics, Fineco's advisors can provide clients with personalized portfolio management.

Fineco's innovative approach is set to revolutionize the asset management industry. As the future demands increasingly sophisticated portfolio management, Fineco's model is well-positioned to meet this need.

By combining the best of technology and human interaction, Fineco has created a business model that is truly ahead of its time.

Fineco Banco takes risk and compliance seriously, with a Tax Strategy in place to manage tax issues and associated risks, both financial and reputational. This strategy is approved by the Board of Directors and reflects the group's values and international best practices.

A key aspect of this strategy is proper tax management, which is essential for the company, its shareholders, and all third parties affected by its activities. This highlights the importance of responsible business practices.

The Tax Strategy is written in conjunction with other group policies and procedures, ensuring a comprehensive approach to risk and compliance.

The Risk Committee plays a vital role in overseeing an organization's risk management framework. Its primary function is to identify, assess, and mitigate risks that could impact the company's financial performance and reputation.

A well-structured Risk Committee typically consists of senior executives, including the CEO, CFO, and other key stakeholders. This diverse representation ensures that all aspects of risk are considered.

Effective risk management requires a proactive approach, which the Risk Committee achieves by regularly reviewing and updating the company's risk register. This register serves as a central repository for documenting and tracking all identified risks.

Risk assessment is a critical component of the Risk Committee's responsibilities, involving the evaluation of potential risks against their likelihood and potential impact. This helps prioritize mitigation efforts and allocate resources accordingly.

In some organizations, the Risk Committee may also be responsible for approving and monitoring risk-related policies and procedures. This ensures that risk management practices are aligned with the company's overall strategy and goals.

Regular reporting to the board of directors is another key responsibility of the Risk Committee, providing updates on risk exposure and mitigation efforts. This helps ensure that the board remains informed and engaged in risk management initiatives.

The Chief Risk Officer (CRO) plays a crucial role in ensuring the financial stability of a company. They are responsible for verifying capital and liquid adequacy, as seen in the example of the CRO at FinecoBank.

A CRO typically has a strong background in finance and risk management, often holding a graduate degree in a related field. In the case of the CRO at FinecoBank, they graduated in Computer Engineering in 2002 and later obtained an Executive Master in Business Administration.

The CRO is responsible for overseeing the risk management system, ensuring it is effective and functioning as intended. This involves reporting directly to the top management, as the CRO at FinecoBank reports directly to the CRO.

A CRO's career path often involves moving up the ranks within a company, taking on increasingly complex roles. The CRO at FinecoBank started their career at SOL-TEC, a system integrator operating in the financial sector, before joining Fineco in 2007.

Internal Dealing is a crucial aspect of Risk and Compliance, particularly for companies like FinecoBank S.p.A. that need to ensure transparency and uniformity in financial dealings.

Internal Dealing Procedure is in place to improve reporting of financial transactions by relevant persons, giving investors a better understanding of their prospects.

The Procedure sets out two fundamental requirements for Relevant Persons: they must report certain transactions in Fineco shares or connected financial instruments, and refrain from performing these transactions in certain time spans.

Relevant Persons are those who have access to inside information about the company's affairs and those of its group, and their transactions are considered price sensitive.

For example, Relevant Persons must report transactions carried out by them or by persons closely associated with them, and refrain from performing these transactions in certain time spans, as outlined in the Procedure.

Here are the two main requirements of the Internal Dealing Procedure:

A proper tax management is essential for any organization, and Fineco Group is no exception. The FinecoBank Tax Strategy is a guiding document that outlines the principles and guidelines for managing tax issues and associated risks.

The Tax Strategy has been approved by the Board of Directors of Fineco and is written in line with the Group's values and international best practices. It should be read and applied in conjunction with other Group policies and procedures.

The document acknowledges the importance of tax management for Fineco Group, its shareholders, and third parties affected by its activities. This shows that tax compliance is a top priority for the organization.

Fineco Banco has a comprehensive collection of financial reports available on their website. The reports cover various periods, including the first half of the year, full years, and quarters.

The reports are available in multiple formats, including PDF, ZIP, and XHTML, as seen in the 2021 financial reports. They also offer reports in Italian, such as the 2021 Consolidated Non-Financial Statement.

Some reports are available for download, while others are available for viewing online. For example, the 2020 Consolidated Non-Financial Statement can be saved as a PDF.

Financial reports are an essential tool for investors, analysts, and stakeholders to understand a company's financial performance. The FinecoBank Group, for instance, publishes its financial reports on a regular basis.

You can find these reports on the company's website, with the most recent ones available for download as PDF files. The reports cover various periods, including the first half of the year (1H), the full year (FY), and the first quarter (1Q).

The reports are comprehensive, including financial statements, non-financial statements, and press releases. For example, the Consolidated First Half Financial Report as at June 30, 2022, is available for download as a PDF file.

Here's a breakdown of the types of reports available:

The reports are available in multiple languages, including Italian, which can be a useful resource for investors and analysts who may not be fluent in the company's primary language.

S&P Global Rating is a leading provider of credit ratings and research. They offer ratings on debt securities, such as bonds and loans, as well as credit default swaps.

Their ratings are based on a proprietary methodology that assesses the likelihood of default, or the ability of a borrower to meet their debt obligations. This methodology is applied to over 1.5 million corporate and government entities worldwide.

S&P Global Rating's ratings are widely recognized and respected by investors, regulators, and other stakeholders. They are used to inform investment decisions, assess credit risk, and set regulatory capital requirements.

A rating of AAA, the highest rating, indicates that a borrower has extremely strong capacity to meet their debt obligations.

Fineco Banco's Private Banking services are a game-changer for Italians seeking advanced, highly personalised advisory services.

We're talking about a company that's one of the most important players in Private Banking in Italy, offering top-notch services to its clients.

This expertise allows Fineco Banco to cater to the unique needs of its clients, making it a trusted partner for those looking to manage their wealth effectively.

FinecoBank is an Italian online brokerage bank that specializes in online trading. FinecoBank was founded in 1999 as Fineco, and it has since become a listed company on the Italian stock exchange, the Borsa Italiana.

Its history dates back to 1982, when it was first established as GI-FIN. FinecoBank offers its services through its online platform, Fineco Online, which was launched in 1999 for retail traders.

FinecoBank is a constituent of the FTSE MIB, an index of the top-performing companies listed on the Borsa Italiana, since 2016.

As one of the top brokers in Europe, we've established ourselves as a trusted name in the industry. Our innovative products and instruments are designed to meet the evolving needs of our clients.

Our trading platform is one of the most widely used and valued in Europe, offering a seamless and secure experience for all users. This is a testament to our commitment to providing the best possible service.

Our platform's popularity is a direct result of its user-friendly interface and robust features, making it an ideal choice for both beginners and experienced traders.

FinecoBank is a well-established Italian bank that specializes in online brokerage services. It was founded in 1982 as GI-FIN and later rebranded as Fineco in 1999.

FinecoBank offers online trading services to retail traders and has become a listed company on the Italian stock exchange. It is an independent entity since 2019, no longer affiliated with the UniCredit group.

The bank has a significant presence in Italy, with over 1 million customers since 2015. This is comparable to the presence of Schwab in the US.

FinecoBank is a constituent of the FTSE MIB index, which is the blue chip index of the Italian stock exchange. It has been part of this index since 2016.

FinecoBank's services are available to customers in Italy and the UK, where it operates under the Banca Fineco brand.