FinecoBank S.p.A.

Italy
Europe

https://finecobank.com/en/online/

Industry:Banking
Date joined:17 December, 2020
Initiatives:Principles for Responsible Banking

FinecoBank S.p.A. is a joint-stock autonomous and independent public company listed on Italian Stock Exchange (MTA segment) organised and managed by Borsa Italiana S.p.A.

Since 1 April 2016 it has been included in the FTSE Mib stock index and in the Stoxx Europe 600 index since 2017. It is the Parent Company of the FinecoBank Banking Group, which includes the Irish asset management company, Fineco Asset Management Designated Activity Company (hereinafter also Fineco Asset Management DAC or FAM), founded in 2017.

On a national level, FinecoBank Group operates in 20 Italian regions, with a network of around 400 Fineco Centres (offices where consultants carry out their activities) distributed throughout Italy.
The Registered Office and the Headquarters are located in Italy, respectively in Milan and Reggio Emilia. Outside Italy, the subsidiary Fineco Asset Management DAC is based in Dublin; the Group also has a representative office in London.

FinecoBank is a direct, multi-channel bank and a leading FinTech bank in Europe, supplying financial products and services through the most advanced information technology. It is the leader in Italy for equity trading. The Bank’s transactional platforms and advisory services are developed in-house using proprietary technologies to make customer experience a more fluid and intuitive experience on all channels.

FinecoBank is also one of the most important players in the Italian private banking sector, owing to a consultancy approach tailored to the needs of individual clients, which includes advice on fiduciary services, protection and succession planning of personal and corporate assets and, more in general, discontinuity events management.
The business model is structured into three areas of integrated activities: Banking, Investing and Brokerage. These three macro-areas are interdependent but the business model is designed to ensure a high level of integration between the different activities. The Bank’s services (banking and investment) are delivered in coordinated and integrated way through its network of financial advisors and on online and mobile channels.

Summary of Sustainability Strategy

Sustainability and healthy growth are at the heart of their business model since inception. The Bank was founded in 1999 on three main pillars: innovation, in order to look ahead to the main trends emerging in the society and position in advance; operating efficiency, to build up a Fintech DNA and deliver an outstanding customer experience; finally, fairness and transparency with their clients in order to build a long-lasting relationship based on trust and quality services at fair price: for this reason they decided not to overcharge clients with performance fees. In terms of transparency,  FinecoBank was ranked as the most transparent player in Mifid2 reports by ADUC, an Italian consumer association.

These pillars provide a clear guide to their long term growth-path, and drive them in achieving the highest possible Shareholders’ value by running the business in a safe, robust and sustainable way.
This commitment is even stronger since FinecoBank became a public company last year, and they quickly caught the opportunity to set up their Governance of Sustainability: FinecoBank has established Sustainability Committees both at Board and Executive level, and created a Sustainability Team.

This new Governance has the task to define, monitor and oversee a sustainability strategy fully integrated in FinecoBank’s Multi-Year Plan. The strategy defines a path to be undertaken across all corporate functions in topics such as Human Resources, Responsible Finance, Financial Education and Environment, in order to further integrate ESG criteria in their Core Business, strengthening their ESG offer – characterized by fair pricing and no performance fees – and providing financial education to both FinecoBank’s clients and financial advisors. These goals included in their strategy are fully driven and enhanced by FinecoBank’s digital approach. Innovation and Digitisation, always inscribed in Fineco’s DNA, definitely are the key drivers for their sustainability strategy, helping them delivering the best long-term value possible, in terms of quality for their clients, financial stability, protection of their clients and people.

FinecoBank joined the UNEP FI as a member in order to foster positive environmental and social impact within the Financial sector and create sustainable value in the long term.