Banca Monte dei Paschi and Compass: new loan distribution agreement
BMPS is a strategic partner for Compass which will distribute loans and salary backed finance products across its whole network
Banca Monte dei Paschi di Siena and Compass – the Mediobanca Group consumer credit arm – have renewed their long-standing partnership for the distribution of Compass’s products through the Sienese bank’s 1,800-plus branch offices. On the back of the first three years of successful co-operation, the new agreement between the two companies features a stronger product offering, which as from the new year will include not only loans, but also salary-backed finance products to be offered throughout Italy, working together with Futuro S.p.A., a subsidiary of Compass whose operations include this type of financing.
The renewal of this agreement represents a big step for the two companies in delivering on their respective strategic plans, bringing about an increase in business opportunities and profitability, leveraging fully on the estimated growth due to take place in the loans market.
“We are delighted to be renewing this distribution agreement, which is a testimony to the quality of the partnership we have developed in recent years”, said Alberto Nagel, Chief Executive Officer of Mediobanca. “It is a very important partnership for us, as it is based on a profound professional and commercial understanding, which allows us to strengthen our presence on the ground while at the same time increasing our share of the consumer credit market”.
“Renewing this partnership , said Marco Morelli, Chief Executive Officer of Banca MPS, “will allow the Monte Paschi di Siena group to enhance its product offering to include solutions which are bigger in terms of duration, size and type of financing in order to meet the needs of its customers even more effectively. The new agreement also includes the introduction of integrated digital processes through the bank’s web channels, with the aim of increasing opportunities to create contact with our clients and reducing time in terms of customer service and interaction, in line with the aims of our business plan”.
Compass, which in recent years has entered into partnerships with over 50 Italian banks, on the back of this agreement among others is today able to provide an even more extensive response to Italian households’ needs for finance, through a total of 6,350 bank branches, alongside over 30,000 affiliated points-of-sale and 12,000 post offices as well as its own network, which currently consists of 169 branch offices.
Milan-Siena, 11 October 2017