Dear Stakeholders,
2019 was an exciting year for the Bank, in terms of the numerous initiatives launched, as well as the
growth and the results achieved. During the year, the first steps were taken under the 2019-2021
Strategic Plan, with faster progress in many key areas and confirmation of the main objectives.
Despite a very positive overall performance, the market scenario was not entirely linear throughout
the year: in fact, in early January and February 2019, it was extremely volatile, in continuity with
the end of the previous year. This very uncertainty and complexity, which emerged in the winter of
2018, convinced us to seek out an approach increasingly close to investors’ sensitivities, in terms of
both wealth protection in an environment of heightened risk aversion and setting new challenges
clearly indicative of the long-term sustainable growth that is a core component of the Bank’s vision
and mission.
With this in mind, the Three-Year Strategic Plan was approved and presented to the financial community,
with the aim of consolidating Banca Generali’s strategic leadership in Italy in the networks
sector, and in private banking in particular, increasing service quality for Customers and laying
the foundation for international growth, starting with Switzerland. The common thread that ties these projects together is sustainability, in its key forms, such as a focus on human capital, through a system of values and a shared long-term vision.
It was therefore a very important result for Banca Generali to find that the involvement of its people — assessed every two years — has risen to a degree of absolute excellence, as confirmed by the
levels of participation and engagement: 96% and 82%, respectively. Many initiatives were launched: the Strategy Road for sharing Strategy, the introduction of smart working and the launch of various diversity and inclusion activities. These initiatives came in addition to the Bank’s commitment to pursuing excellence in governance, with an openness to dialogue, confirmed not only by the strong female presence and majority of independent Directors within the Board of Directors, but also by the focus on issues relating to transparency in corporate management.

The commitment to sustainable growth also entails promoting social and cultural development.
Efforts in this direction included various projects in the arts, such as support and assistance for universities in conducting joint research and studies relating to savings and the relevant applied
technologies. Innovation is a fundamental driver of Banca Generali’s strategy. The BG Training & Innovation Hub — a space for brainstorming on the future developments of private banking, stimulating dialogue and conducting research into the subjects of financial services and advice — was also inaugurated in early 2020.
Drawing on a company culture increasingly imbued with the values of sustainability, and supported by our Group’s solid roots (Generali Assicurazioni), the next step on which the Bank has embarked
is raising awareness amongst households of these distinctive sustainability features. This was the impetus to be the first in Italy to develop an exclusive model capable of pairing investment diversification objectives with a sustainability-oriented approach that concretely contributes to the 17 Sustainable Development Goals (SDGs) set by the United Nations in its 2030 Agenda. Since the
launch of the platform in early 2019, the focus on ESG (environmental, social and governance) investments
amongst customers has intensified rapidly, allowing the targets set for the end of the
plan to be reached two years in advance.
Social development, support for the growth of local communities and society, but also creation of
value for all stakeholders within the Bank’s orbit: it is from this perspective that we report the
Company’s results. Assets under management and assets under custody rose to 69 billion euros, increasing
by 11.5 billion in the twelve months. Benefiting from the Bank’s business expansion and the
gradual market recovery seen during the year, profits reached 272 million euros, the highest level in
the Bank’s history. Propelled by this performance, the proposed remuneration for shareholders has
reached a new all-time high of 185 eurocents per share, of which 30 eurocents to be drawn on the following year, in further pursuit of financial sustainability.
I would like to express my heartfelt thanks to the top management, employees and professionals in the network for the invaluable work done and dedication shown in striving to continue to uphold our Bank as a beacon of ethics, professionalism and ability to achieve ambitious goals in the Italian financial service market. I would also like to express my deep gratitude to the colleagues on the Board of Directors, who have successfully facilitated dialogue and offered competent, resolute decision- making guidance for the management, with tangible results for all stakeholders.