Banca Generali is contributing to the revival of Ticino's financial center. The bank, managed by Gian Maria Mossa, will receive its Swiss banking license in August, allowing private bank BG Suisse to start operating in November, according to research by finewsticino.ch.
Gian Maria Mossa, CEO of Banca Generali, said on Friday during the presentation of second-quarter results «We expect to receive the license in August, then from November we'll operate as a private bank for Swiss customers, and from March 2024 we'll expand the business to Italian customers who want to move part of their assets and keep the management in Italy.»
Independent asset manager BG Valeur (Image: finewsticino.ch)
BG Suisse is based in Piazza Riforma in the center of Lugano opposite the Credit Suisse building, which also houses BG Valeur (pictured above), an independent asset manager acquired by Banca Generali a few years ago and offers its services to Swiss clients.
First License in 20 Years
The granting of the Swiss banking license by the Swiss Financial Market Supervisory Authority (Finma) is a historic step not only for Banca Generali, but also for Switzerland. According to Mossa, it's the first banking license granted to a European company in the past 20 years.
The Banca Generali Group expects the Swiss offshoot to generate between five and seven billion euros in inflows from Switzerland in the five years starting in 2024. «This new growth project will help support our inflows,» Mossa said.
