Mediobanca, the Milan-based investment and private bank, reported a doubling of net profits to €34.2 million ($42 million) in its financial ...

Mediobanca, the Milan-based investment and private bank, reported a doubling of net profits to €34.2 million ($42 million) in its financial year to June 2005. The bank said it is forecasting annual average growth of around 22 per cent for private banking. Overall net profit was recorded at €540.3 million, compared with €536.4 million in the previous financial year. 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 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.