Montepaschi Group and Compass: agreement signed for distribution of loans to retail customers
BMps achieves an important Business Plan target just two months after its approval
Compass further consolidates its footprint in the banking channel thanks to the Siena-based lender’s network of over 2,300 branches
Siena, Milano, 3 February 2014 - Banca Monte dei Paschi di Siena and Compass - a leading consumer credit company of the Mediobanca Group - have signed an agreement for the distribution of Compass lending products in over 2,300 branches of the Siena-based banking group. With this agreement, both companies have reached a key milestone in their respective plans.
“The agreement signed with Compass” comments Fabrizio Viola, Chief Executive Officer of Banca Monte dei Paschi di Siena, “implements the guidelines of our 2013-2017 Business Plan and allows us to make important steps towards achieving a new banking model. The new partnership meets our aim to support the offer of credit to households, even during this adverse economic cycle, and continue to enhance our sales & distribution network through the placement of qualified third-party products, while rapidly developing business segments with high distribution value.”
“This is an extremely important partnership with which we can lay the foundations to become undisputed market leaders” adds Compass’ Chief Executive Officer, GianLuca Sichel. “Thanks to this partnership with Banca Mps, both our local coverage and volumes of loans disbursed will grow significantly. Indeed, the agreement envisages the disbursement of significant volumes of loans in 2014 with the potential for further growth.”
The agreement with Compass – and its subsidiary Futuro – is already operational and allows the Montepaschi Group to complement the current range of products offered by Consum.it, the Group’s consumer credit company, with more solutions in terms of duration, amount and types of loans.
As a result of this new agreement, Compass, which over the years has formed partnerships with over 50 Italian banks, will further expand its distribution capacity with approximately 7,500 branches serviced across Italy.
Mediobanca Media Relations
Retail & Private Banking Communications
Tel +39 02 8829012