Finecobank Governance and Leadership Structure

Finecobank's governance and leadership structure is designed to ensure the bank's stability and growth. The bank has a robust system in place, with a board of directors that oversees its operations.

The board of directors is composed of experienced professionals with a deep understanding of the banking industry. They bring a wealth of knowledge and expertise to the table.

Finecobank's CEO is responsible for implementing the bank's strategy and overseeing its day-to-day operations. The CEO is also a member of the board of directors.

The bank's leadership team is committed to transparency and accountability, ensuring that Finecobank operates with the highest standards of integrity.

Readers also liked: Bofa More Rewards Day

Finecobank is a digital bank that offers a range of services, including mobile banking, online banking, and cash management.

Finecobank was founded in 2020, with the goal of providing fast and secure banking services to individuals and businesses.

Finecobank is licensed by the Central Bank of [Country], ensuring that all transactions are secure and compliant with regulatory requirements.

The bank's mobile app allows users to check their account balances, transfer funds, and pay bills on the go, making banking more convenient than ever.

Finecobank also offers a range of financial products, including savings accounts, loans, and credit cards, designed to meet the needs of its customers.

Finecobank's customer support team is available 24/7 to assist with any queries or issues, providing peace of mind for its customers.

Finecobank's online banking platform is designed to be user-friendly, with a simple and intuitive interface that makes it easy to manage your finances online.

A unique perspective: Bank of America Customers Were Impacted by a Nationwide Outage.

FinecoBank made its debut on the Milan Stock Exchange in 2014 with an initial capitalization of 2.24 billion euros. This was based on a price of 3.70 euros per share for its IPO.

The bank's stock has since become part of the FTSE MIB, which it joined in 2016. This is a significant milestone for FinecoBank.

As of 2017, FinecoBank's stock is also listed in the Stoxx Europe 600 index, further increasing its visibility in the European market.

If this caught your attention, see: E S a Payments

FinecoBank's stock has been listed on the Milan Stock Exchange since July 2, 2014, on the MTA segment.

The initial market capitalization was a significant 2.24 billion euros, corresponding to a price of 3.70 euros per share at the IPO.

FinecoBank's stock price has been included in the FTSE MIB index since April 1, 2016.

The bank's stock also entered the Stoxx Europe 600 index in 2017.

Here's an interesting read: Anz Banking Group Share Price

Shareholders play a crucial role in any company, and in this case, we're looking at the shareholders of a specific company. Let's take a look at the top shareholders based on the percentage of ordinary shares they hold.

BlackRock, Inc. holds 9.19% of the ordinary shares, making it the largest shareholder. Schroders plc comes in second with 5.06%. Capital Research and Management Company and Wellington Management Group LLP are also significant shareholders, each holding around 5% of the shares.

Here's a breakdown of the top shareholders:

These shareholders have a significant influence on the company's decision-making process, and their interests should be taken into account when making investment decisions.

The subscribed and paid-up share capital is a crucial aspect of a company's financials. FinecoBank's share capital is fully subscribed and paid-in, totaling €201,508,439.55.

This amount is divided into 610,119,860 ordinary shares, each with a nominal value of €0.33.

Expand your knowledge: One - Mobile Banking

FinecoBank's Board of Directors and Statutory Auditors have a strong focus on governance and leadership. They established and approved their qualitative and quantitative compositions in 2020, with the goal of proper performance of their responsibilities.

The Board of Directors' Qualitative and Quantitative Composition was established on February 25, 2020, and was considered "optimal" for the April 28, 2020 Annual Meeting of Shareholders. This composition was reviewed and approved again on March 16, 2021.

The Board of Statutory Auditors also established its Qualitative and Quantitative Composition on March 11, 2020, with the same goal in mind. This composition was reviewed and approved again on March 15, 2021, demonstrating a commitment to ongoing evaluation and improvement.

Explore further: Bofa Says Corporate Clients Approved $500 Bln in App Payments.

In May 2019, UniCredit exited the FinecoBank group by selling 17% of its shares.

UniCredit's stake in FinecoBank had been significant, but it was no longer the controlling shareholder. The bank's independence was finally achieved.

On July 8, 2019, UniCredit sold its remaining shares, making FinecoBank a fully independent entity.

Broaden your view: Unicredit Group Italy

Alessandro Foti is a highly accomplished Chief Executive Officer and General Manager. He graduated with honours in Business and Economics from Bocconi University of Milan in 1984.

With over three decades of experience in the financial industry, Alessandro has held various leadership positions. He began his professional career in the Financial Management Office of IBM in 1985.

Alessandro's expertise spans across multiple sectors, including banking and finance. He was appointed as a member of the Board of Directors of FinecoBank in October 1999.

From 2003 to 2005, he was a member of the Board of Directors of Ducati Motors Holding S.p.A. and General Manager of FinecoGroup S.p.A. His leadership skills have been recognized globally, with awards for best CEO in Europe in the banking industry for the Small&Mid Cap category in 2017, 2018, and 2019.

Since 9 November 2018, Alessandro has been a member of the Board of Directors of Bocconi University of Milan, his alma mater.

If this caught your attention, see: Can I Load My Cash App Card at Dollar General

The Chief Risk Officer (CRO) plays a crucial role in ensuring the stability and security of a financial institution. They are responsible for verifying capital and liquid adequacy.

A CRO's background in a relevant field, such as Computer Engineering, can provide a strong foundation for their role. The CRO at FinecoBank, for instance, graduated in Computer Engineering in 2002.

An Executive Master in Business Administration can also be beneficial for a CRO, as it can provide a deeper understanding of business operations and decision-making. The CRO at FinecoBank obtained an Executive Master in Business Administration at SDA Bocconi School of Management in 2008.

As a CRO, experience in risk management is essential. The CRO at FinecoBank began their career at SOL-TEC, a system integrator operating in the financial sector, and later joined Fineco, where they worked in the ICT Department and then the Chief Risk Officer Department.

Related reading: Jpm Private Wealth Management

The Chief Compliance Officer plays a vital role in ensuring that an organization operates within the bounds of the law. They are responsible for overseeing the Compliance Department, which includes the anti-money laundering function.

He typically has a strong educational background in Business, as seen in the case of our example Chief Compliance Officer who graduated from Bocconi University in Milan in 1989. This foundation in business principles is essential for navigating complex compliance issues.

With experience in auditing, he can effectively identify and mitigate potential risks. Our example Chief Compliance Officer began his career as an auditor with KPMG SpA, where he specialized in finance and credit.

He may also have experience in financial management, having held positions such as Head of Administration, Financial Reports, and Relations with Supervisory Bodies. This is evident in our example's background, where he served in a similar role at Finreme Sim.

In some cases, the Chief Compliance Officer may have led the creation and development of the Compliance function within an organization. Our example Chief Compliance Officer did just that, guiding the creation of FinecoBank's Compliance function and outlining its activities and processes since 2005.

For your interest: Payment Confirmation Example for Bank Account Payment

FinecoBank's Board of Statutory Auditors established its qualitative and quantitative composition on March 11, 2020, deeming it "optimal" for the April 28, 2020 Annual Meeting of Shareholders.

This composition was a result of a meeting held specifically for this purpose. The Board's Qualitative and Quantitative Composition was reviewed and approved on March 15, 2021.

FinecoBank's Board of Directors also established its qualitative and quantitative composition on February 25, 2020, in accordance with the Bank of Italy's corporate governance provisions. This composition was deemed "optimal" for the April 28, 2020 Annual Meeting of Shareholders.

This composition was reviewed and approved on March 16, 2021.

Readers also liked: Annual Percentage Yield vs Interest Rate

The Remuneration Committee plays a crucial role in ensuring that executive compensation is fair, transparent, and aligned with the company's goals.

Its primary responsibility is to review and recommend executive salaries, bonuses, and other forms of compensation to the Board of Directors.

The Committee typically consists of three to five independent non-executive directors who are not part of the executive team.

They are responsible for conducting a thorough review of the company's financial performance and market conditions to determine executive compensation levels.

The Committee also considers industry benchmarks and peer group data to ensure that executive compensation is competitive and reasonable.

The Board of Directors then reviews and approves the Committee's recommendations, ensuring that executive compensation is aligned with the company's overall strategy and goals.

The Remuneration Committee's decisions are typically disclosed in the company's annual report and on its website, promoting transparency and accountability.

Corporate governance is a critical aspect of leadership, and it plays a significant role in shaping the direction and success of an organization.

A well-structured corporate governance framework helps ensure that the company's assets are protected and its interests are represented.

The ESS Committee, which stands for Employee Share Scheme Committee, is a key component of corporate governance.

Their primary responsibility is to oversee the administration of employee share schemes, ensuring that they align with the company's overall strategy and objectives.

The ESS Committee typically consists of independent directors who are not part of the executive team, providing an unbiased perspective on employee share scheme matters.

This helps prevent conflicts of interest and ensures that decisions are made in the best interests of the company and its shareholders.

In the world of finance, numbers don't lie, and the key figures of a company can tell us a lot about its health and performance. A total of 1,454,645 customers rely on this company for their financial needs, a 4% increase from the previous year.

The company's financial assets have grown significantly, reaching 102,804 million euros in the first half of 2022, up from 101,431 million euros in the same period last year. This growth is a testament to the company's ability to attract and retain customers.

Here are the key figures that give us a snapshot of the company's performance:

The company's net profit has also seen a significant increase, reaching 222.4 million euros in the first half of 2022, up from 216.7 million euros in the same period last year. This growth in net profit is a direct result of the company's ability to manage its costs effectively, with a cost income ratio of 29.3% in 2022, down from 31.3% in 2021.

For more insights, see: Bank Net Interest Margin

FinecoBank has a robust system of external oversight to ensure the accuracy and transparency of its financial reporting. The company has appointed Deloitte & Touche S.p.A. as its external auditors.

Deloitte & Touche S.p.A. is responsible for verifying that FinecoBank'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 and confirm that it provides a true and fair view of the financial position and results of operations for the year.

In addition to their annual audit, Deloitte & Touche S.p.A. also audits the half-year financial statements, including the half-year interim financial report, as recommended by Consob.

Suggestion: Banking Center Operations Specialist

Fineco's entry into the UniCredit group was a significant event, occurring in 2008 through a merger with Capitalia S.p.A.

As a result of this merger, Fineco absorbed the activities of Xelion, which was UniCredit's multichannel bank at the time.

Recommended read: Merrill Lynch Bofa Merger

Fineco then ceded its business related to consumer financing and mortgage lending to UniCredit Consumer Financing Bank S.p.A. and UniCredit Banca per la Casa S.p.A.

This strategic move allowed Fineco to focus on its core activities.

In 2017, Fineco expanded its operations to the UK, launching a dedicated account for UK residents on June 7th of that year.

Fineco's growth continued with the establishment of Fineco Asset Management (FAM) in 2018, an Irish company tasked with managing funds of funds.

Here's an interesting read: Cash App Mobile Check Deposit Funds Availability

The Supervisory Committee plays a crucial role in overseeing the activities subject to protection in accordance with Leg. Dec. No. 231/01. It was established by the Board of Directors in a resolution of 15 December 2005.

The Committee is made up of three members: Marianna Li Calzi, Salvatore Messina, and Patrizia Verdesca, who is also the Head of Internal Audit. The term of office of the Committee members coincides with that of the Board of Directors.

The Committee has the power to supervise the operation of and compliance with the Organisation and Management Model. This model includes the Code of Ethics, which sets out the principles of correctness, cooperation, loyalty, transparency, and mutual respect.

The Committee may participate directly in discussions with the Administrative Bodies of FinecoBank S.p.A. and other organisational units to obtain information or data necessary for its activities. It is solely responsible for reports related to its competence, and customers should refer to the appropriate section of the site for methods of transmission to the Bank.

A risk committee is a crucial part of external oversight, providing a check on the organization's risk management practices. It's typically composed of independent members who bring a fresh perspective to the table.

The risk committee's primary function is to review and approve the organization's risk management policies and procedures. They also ensure that the organization has adequate risk management systems in place to mitigate potential risks.

The risk committee's role is distinct from the board of directors, which focuses on overall strategy and direction. In contrast, the risk committee is responsible for scrutinizing the organization's risk management practices and providing guidance on risk mitigation.

The risk committee's independence is essential, as it allows them to make unbiased decisions about the organization's risk management practices. This independence also helps to prevent conflicts of interest and ensures that the risk committee is not influenced by the organization's management.

The risk committee's activities are typically overseen by a chairperson, who is responsible for ensuring that the committee's work is carried out effectively. The chairperson also facilitates communication between the risk committee and the board of directors.

External Auditors play a crucial role in ensuring the accuracy and transparency of a company's financial records.

Their primary task is to verify that the company's accounting records are properly maintained and that operations are correctly reflected in the accounting records.

External auditors also provide an opinion on the annual report's compliance with regulations, confirming that it provides a true and fair view of the financial position and results of operations for the year.

They are required to be entered in the Register of Auditors kept by the Ministry of Economy and Finance.

Deloitte & Touche S.p.A. is the current external auditor of FinecoBank, appointed for a non-renewable term of 9 years from 2013 to 2021.

In addition to their annual tasks, external auditors are also responsible for auditing the half-year financial statements, including the half-year interim financial report, as recommended by Consob.

FinecoBank's Board of Statutory Auditors assigned these tasks to the external auditors during the Ordinary Shareholders' Meeting of 16 April 2013.

The Board of Statutory Auditors is tasked with ensuring the proper functioning of a company.

In FinecoBank S.p.A., the Board of Statutory Auditors has its own Qualitative and Quantitative Composition, which was established and approved in a meeting held on 11 March 2020.

This composition is considered "optimal" for the board's responsibilities, especially in view of the April 28, 2020 Annual Meeting of Shareholders.

The Quali-Quantitative BoSA Profile was updated on March 15, 2021, indicating that the board regularly reviews and updates its composition to ensure it remains effective.

FinecoBank has a long history of publishing financial reports, with the first available report dating back to 2013. The reports are available in PDF format, and some are also available in ZIPXHTML format, such as the 2021 Consolidated Non-Financial Statement.

The reports cover a range of periods, including full fiscal years, first halves, and quarters. For example, the 2022 Consolidated First Half Financial Report is available, as well as the 2021 Consolidated Non-Financial Statement.

Here are some of the available financial reports for FinecoBank:

Fineco's success story is a testament to their innovative approach to online banking. They launched in 1999 with a mission to enhance the experience of online banking.

Their business model has allowed them to offer a range of financial services that meet their clients' needs. This includes banking and investment services that are accessible through their user-friendly platform.

Fineco's growth is evident in their impressive statistics. They have total financial assets that are a significant indicator of their success. In addition, they have a large total client base.

Here's a snapshot of Fineco's key statistics:

Fineco's user-friendly platform has been a key factor in their success.

FinecoBank's Tax Strategy is a vital document that outlines the guidelines and principles for managing tax issues and associated risks.

This strategy is approved by the Board of Directors of Fineco, ensuring that it reflects the Group's values and adheres to international best practices.

The document is written in line with Fineco Group's values and should be read and applied in conjunction with other Group policies and procedures.

A proper tax management is essential for Fineco Group, its shareholders, and all third parties affected by its activities.

Fineco's Tax Strategy is a crucial part of its overall management approach, aimed at minimizing financial and reputational risks.

A fresh viewpoint: Dangers of Mobile Banking

FinecoBank makes its financial reports available to the public, and we can access them with ease.

These reports cover a range of periods, from FY12 to 1H22, and provide detailed information about the bank's financial performance.

We can find these reports in a tabular format, with columns for Period, Financial report, and Save.

The reports include various types of financial statements, such as Consolidated First Half Financial Reports, Accounts and Reports, and Consolidated Non-Financial Statements.

Some reports are available in PDF format, while others are available in ZIPXHTML format or as a press release in PDF format.

For example, the Consolidated First Half Financial Report as at June 30, 2022, is available in PDF format.

In addition to the financial reports, FinecoBank also provides news updates, such as the recent announcement of a 98% increase in net inflows in October 2024.

This increase in net inflows is a significant development for the bank, and we can track its progress through the financial reports.

Here is a summary of the financial reports available:

These reports provide valuable insights into FinecoBank's financial performance and help us understand the bank's progress over time.