Overview
Banca Mediolanum is a financial-services banking group combining banking, investment and asset-management services with life and non-life insurance. Its customer offering includes banking products, investment funds and insurance, delivered through financial-adviser relationships and digital banking channels.[1][2][3]
Its principal retail markets are Italy and Spain, with asset-management and insurance entities also in Ireland; reported assets under administration and management include Germany, mainly through mutual funds.[4][5] The company describes its customer proposition as “freedom in banking” and emphasizes tailoring financial solutions to customer needs.[6][2]
At 30 June 2026, Banca Mediolanum reported more than 2.1 million bank customers, more than 4,100 employees, more than 7,100 licensed financial advisers (Family Bankers), and over €168 billion in assets under administration and management.[7] For FY2025, consolidated net income was €1,237.9 million.[8] [1][2][3][4][5][6][7][8]
Products & services
Banca Mediolanum offers investment funds, managed portfolios, unit-linked life policies, pension products, banking services and protection insurance. Its investment range includes the “Best Brands” funds of funds, “Challenge” mutual funds and Fondi Italia mutual funds. Mediolanum My Life is a customizable unit-linked policy giving access to mutual funds, while My Style is a portfolio-management service. The company also provides financial planning and investment advice.[9][10][11][12]
The bank’s banking products include current accounts, payment cards, mortgages and personal loans. Its protection range includes Mediolanum Protezione Vita, Mediolanum Protezione Persona, and Mediolanum Protezione Casa e Famiglia, covering life, personal and home/family protection, respectively.[13][14][15][16][17][18][19]
Investment accumulation features include an automatic plan that initially places capital in a money-market fund and then transfers it to Mediolanum equity funds or the MyLife U-L account over three, four or five years, with transfers once or twice monthly. Automatic Step-In/Step-Out adjusts transfers in response to equity-fund price movements. Double Chance offers a gradual transfer from a deposit account into a selected equity product.[20][21][22]
In the first half of 2026, several investment funds were merged or revised, including the creation of Mediolanum Global Multi Asset Focus and Coupon Strategy Collection. Reported financial performance is presented by business line rather than as revenue shares for individual named products.[23][24] [9][10][13][20][21][22][23][24][11][12][14][15][16][17][18][19][11][12][14][15][16][17][18][19]
Geographic presence
Banca Mediolanum’s principal operating markets are Italy and Spain, with Irish subsidiaries focused on international funds and life insurance. The Group also has a German entity, August Lenz & Co. AG, whose activity is described as residual.[25][4][26]
In FY2025, gross active commissions were €2,063.9 million in Italy, €214.7 million in Spain and €6.7 million in Germany—about 90.3%, 9.4% and 0.3% of the reported total, respectively. In the first half of 2026, the corresponding amounts were €1,114.6 million, €116.9 million and €3.2 million, or approximately 90.3%, 9.5% and 0.3%. These figures reflect active commissions, not total Group revenue.[27][28]
At FY2025 year-end, the Group reported 3,118 employees in Italy, 483 in Spain, 203 in Ireland and 7 in Germany. Its Spanish network comprised 83 offices: 11 in Andalucía–Extremadura, 22 in Cataluña–Aragón–Islas, 18 in Comunidad Valenciana–Castilla Mancha–Murcia, 19 in Galicia–Asturias, 3 in Madrid–Castilla León and 10 in País Vasco–Navarra–La Rioja–Cantabria.[29][30] [25][4][26][27][27][27][27][28][28][28][28][29][29][29][29][30]
Business segments
Banca Mediolanum does not present its principal businesses as separately quantified operating segments in the retrieved FY2025 reporting. Its business model is described as integrated across banking, investments and insurance; the company’s reported income lines can therefore be used as activity proxies, not as official segment contributions.[31][32][33]
For FY2025, gross commission income was €2,285.3 million. Its composition was management fees €1,414.3 million (about 61.9%), investment-management fees €269.2 million (11.8%), net insurance result €223.5 million (9.8%), banking service fees €258.7 million (11.3%), entry fees €63.5 million (2.8%) and other fees €56.1 million (2.5%). Percentages are calculated as each reported line divided by gross commission income; they indicate activity mix, not segment revenue shares.[8]
The company also reports Spain separately as a geographic operating view. Spain’s FY2025 operating margin of €56.4 million and net income of €57.7 million were each approximately 4.7% of the corresponding group figures (€1,199.0 million and €1,237.9 million, respectively). These comparisons are indicative country-level contributions, not formally reported segment shares.[34][35] [31][8][34][35][32][33]
Company history
Banca Mediolanum’s origins date to 1982, when Ennio Doris founded Programma Italia in partnership with the Fininvest Group to provide savings and pension advice through a nationwide network. Mediolanum S.p.A. was formed in 1995 and listed on the Milan Stock Exchange in 1996. In 1997, Programma Italia Investimenti SIM became Banca Mediolanum, establishing the multichannel banking business; the group also founded Mediolanum International Funds in Dublin that year.[36] In 2000, the bank introduced online banking and trading services, while the group expanded into Spain through Fibanc; subsequent expansion included Luxembourg and Germany.[36][37][38]
Massimo Doris, who had led the group’s Spanish subsidiary, became Banca Mediolanum’s CEO and General Manager in 2008.[39] A major corporate restructuring took effect on 30 December 2015, when Mediolanum S.p.A. merged into Banca Mediolanum, making the bank the parent of the Mediolanum Banking Group.[40] In 2021, Ennio Doris stepped down as chairman and director; Giovanni Pirovano became chairman and Annalisa Sara Doris vice-chairwoman. Ennio Doris was subsequently named honorary chairman and died in November 2021.[41][42][43] [40][36][37][38][39][41][42][43]
Sources
- BANCA MEDIOLANUM — Full financial report (2025 Y)
- BANCA MEDIOLANUM — Presentation (2025 Y)
- BANCA MEDIOLANUM — Presentation (2026 Q 2)
- www.bancamediolanum.it[11]
- www.bancamediolanum.it[12]
- www.bancamediolanum.it[14]
- www.bancamediolanum.it[15]
- www.bancamediolanum.it[16]
- www.bancamediolanum.it[17]
- www.bancamediolanum.it[18]
- www.bancamediolanum.it[19]
- BANCA MEDIOLANUM — Full financial report (2026 Q 2)
- www.bancamediolanum.it[32]
- www.bancamediolanum.it[33]
- www.bancamediolanum.it[36]
- www.mediolanum.com[37]
- www.mediolanum.com[38]
- www.bancamediolanum.it[39]
- BANCA MEDIOLANUM — Full financial report (2015 Y)[40]
- www.bancamediolanum.it[41]
- www.bancamediolanum.it[42]
- www.bancamediolanum.it[43]
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