FSI completes the investment in BANCOMAT. Fabrizio Burlando appointed as new Chief Executive Officer
Press release
June 12th, 2024 – BANCOMAT and FSI announce the completion of FSI’s investment in BANCOMAT and the appointment of a new CEO and Board of Directors.
Following the investment, FSI represents the largest shareholder in BANCOMAT with a 42.9% interest. FSI and the four banks that subscribed the shareholders’ agreement (Intesa Sanpaolo, Iccrea Banca, Banco BPM and BPER) hold 74.7% of BANCOMAT capital.
The shareholders’ meeting has appointed the new Company’s Board of Directors and the new CEO and General Manager: Mr. Fabrizio Burlando.
Fabrizio Burlando (born in 1974), is an electronics engineer with an MBA from INSEAD and specializations from Yale and the London School of Economics. He has over 20 years of experience in the digital payments industry, mostly gained in the last 16 years at Mastercard, where he held roles of increasing responsibility and leadership at global level, with focus on data platforms, value-added services (VAS) and support to client banks and users worldwide.
Fabrizio Burlando takes BANCOMAT up from Alessandro Zollo, who was thanked for his significant contribution since 2018.
In addition to the new CEO Fabrizio Burlando, the Company’s new Board of Directors includes the Chairman Franco Dalla Sega, Roberto Amisano, Roberto Baggiano, Francesco Bernocchi, Gaetano Carboni, Giuliano Cassinadri, Giacomo D’Amico, Pietro Galbiati, Flavio Gianetti, Stefano Vittorio Kuhn, Marco Tugnolo, and Luca Vanetti.
The completion of FSI’s investment and the appointment of Fabrizio Burlando as new CEO represent further key steps in the BANCOMAT’s identified growth plan, and follow:
- the subscription by Intesa Sanpaolo, Iccrea Banca, Banco BPM and BPER of multi-year commercial agreements to support BANCOMAT’s development in the coming years;
- the agreement between BANCOMAT and Nexi as a strategic partner for the development of a new Centralized Infrastructure platform.
The project represents an Italian initiative which, starting from the wide recognition of BANCOMAT among merchants, consumers and banks, aims at expanding the network’s scope of action, ensuring a stronger innovation capability and accelerating the adoption of new digital solutions, as done by other similar European domestic networks.
The industrial project will enhance a strategic infrastructure for the national digital payments market, and generate several benefits, including: (i) the use of an efficient (secure and domestic) scheme with technological content in line with best standards; (ii) digital e-money cost control; and (iii) the opportunity to represent a high quality and complementary solution to international schemes.
The newly available capital (following FSI’s investment) and the new corporate structure are expected to enable BANCOMAT to undertake the mentioned path of expansion and fully exploit its potential, with special focus on the following main pillars:
- Accelerated innovation, with products and services offer extension, starting from online and wallet devices;
- New technological architecture, envisaging, in addition to the new Centralized Infrastructure platform, an innovation gateway and new partnerships for the development of new services;
- Value-added services (VAS) for client banks and end-users, also in synergic and adjacent segments;
- M&A, through acquisition of companies presenting synergies and complementary competences to those of BANCOMAT and which are functional to its growth path and offer completion.
In line with its open partnership spirit, the shareholders’ agreement signed by FSI, Intesa Sanpaolo, Iccrea Banca, Banco BPM and BPER may also be extended to other current and future shareholders/customers of BANCOMAT.
“We are very pleased of having made BANCOMAT stronger. I do believe that this transaction marks an important step in the Company’s life and the beginning of a new phase in the development of a strategic national payments infrastructure. On behalf of all shareholders, I would like to thank Mr. Alessandro Zollo for the work done over the years and the valuable contribution he made in recent months to the completion of this very important project.” said Chairman Franco Dalla Sega.
“I decided to take this exciting role because I firmly believe in the importance of BANCOMAT for our Country and its strong growth potential. By working closely with financial institutions, merchants and users, we can bring innovation and added value to the payments system in Italy and Europe. BANCOMAT is an excellent company, able to attract the best market talents, both young and experienced.” said the newly appointed CEO Fabrizio Burlando.
“This transaction confirms the distinctive ability of the FSI team to complete partnership transactions and focus on the enhancement of outstanding Italian companies with growth potential. The investment in BANCOMAT further strengthens FSI’s leadership in the Digital and IT sector, in which the FSI team has invested around EUR 1.2 billion to date. We are very proud of this deal and confident in the growth path and partnership with BANCOMAT’s shareholding banks” said FSI CEO Maurizio Tamagnini.
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BANCOMAT S.p.A. (www.bancomat.it) has been operating the most diffused and well-known withdrawal and payment circuits in Italy for 40 years, identified by the BANCOMAT®, PagoBANCOMAT® and BANCOMAT Pay® brands. It is one of the main and most important players in the debit card payment market in Italy, with more than 2.8 billion payment and withdrawal transactions worth about EUR 225 billion on an annual basis and about 32 million active cards. It is owned by 113 Italian banks, which are part of the more than 400 payment service providers that use its services..
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FSI (www.fondofsi.it) is a leading Italian institutional investor with over EUR 2 billion in growth capital, raised from major Italian, international and institutional investors. FSI’s investment policy focuses on investments in partnership with Italian institutions, entrepreneurs, and families. With its investments, FSI pursues value creation objectives through organic growth, acquisitions, and sector consolidation.
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