Banca Esperia, a wealth management joint venture between Italian investment banks Mediobanca and Mediolanum, could be up for sale, according...

Banca Esperia, a wealth management joint venture between Italian investment banks Mediobanca and Mediolanum, could be up for sale, according to reports in the Italian press. Banca Esperia is the biggest private bank in Italy despite only being launched in July 2002. It now has more than $5 billion of assets under management. Speculation has increased around Banca Esperia since last September when one of Mediobanca’s general managers Alberto Nagel told analysts that the bank was considering selling shares in Esperia. Analysts say Banca Esperia has become a huge asset for both Mediobanca and Mediolanum due to how fast it has built up a wealth management presence in the seventh largest economy in the world.