MILAN (Reuters – Italy’s Banca Generali, (MI:), does not plan to participate in large merger deals. However, smaller transactions could still be possible. The asset manager stated Monday that it expects to increase net profits by as much as 15% annually up until 2024.

Gian Maria Mossa, chief executive, stated that large tie-ups would not be possible with other players because the company, which is the wealth management arm for Italy’s largest insurer Generali, has different distribution models than its peers.

He stated, “At the moment, I don’t see room for transformal deals.”

Mediobanca Financial Services Group (OTC) was considering swapping its 13% share in Generali for Banca Generali in late 2020. But, due to COVID-driven market volatility the deal was put on hold.

Analysts still consider consolidation to be inevitable in the wealth management sector.

Mossa told the briefing that he was happy to have Generali’s support.

Banca Generali stated that it would pay between 7.5 to 8.5 Euros per share in total dividends for the three-year period to 2024. This is to help attract clients and increase digitisation.

This asset manager, which offers primarily personal finance services, anticipates total net flows of 18 billion to 22 billion euros by 2024. There will also be a 15-20% annual growth in net profit.

They also pledged to achieve net zero emissions by 2030.

Banca Generali reported last week a record-breaking full year net profit. It also announced it would pay a 1.95 euro dividend on its 2021 results.

($1 = 0.8847 euros)