Azimut Partners with FSI to Launch TNB

Azimut Holding and FSI, on behalf of the FSI II investment fund, have signed a binding agreement to establish TNB, a new-generation, digitally-native bank focused on wealth management. The startup, aimed at retail, affluent, and private clients, will become a significant player in providing advanced financial services. TNB will absorb selected Italian distribution activities from the Azimut group. Legal advisors for the deal included Legance, Latham & Watkins, and Annunziata & Conso. The operation entails Azimut selling 80.01% of TNB's share capital to FSI, alongside select co-investors, managers, and financial advisors. The deal also involves a long-term industrial and commercial partnership between TNB and Azimut to facilitate product distribution. Completion is subject to certain conditions outlined in the agreements.