Italian investment bank and wealth manager Mediobanca has launched a Luxembourg-based private bank subsidiary. Mediobanca International (Lux...

Italian investment bank and wealth manager Mediobanca has launched a Luxembourg-based private bank subsidiary. Mediobanca International (Luxembourg). Outside of Monaco, this is the first international private banking initiative for the Milan-based bank. Mediobanca runs two private banks: Banca Esperia and Campagnie Monegasque de Banque. Banca Esperia was set up in July 2002 as a joint venture between Mediobanca and Mediolanum, another Milan-based bank. It aims to be one of the leading private banks in Italy and has managed to gather more than €4 billion ($4.7 billion) in assets under management since its launch. Compagnie Monégasque de Banque is Mediobanca’s offshore private banking business and has a major presence in Monaco. It has around €6 billion of assets under management.