MILAN (Reuters), -Mediobanca has ruled out the possibility of acquiring wealth management services in the near future. The bank reported higher quarterly results than anticipated thanks to the contributions from its various business segments.

Albert Nagel has been appointed Chief Executive of the Italian Financial Services Group. The group is now focusing on its role as an investment bank in large Italian companies and bolstering its wealth management, consumer finance and financial advisory businesses.

Nagel, in 2020, considered swapping Mediobanca’s 13% stake (OTC) in insurance Generali (BIT.) for private bank Banca Generali in order to expand Mediobanca’s wealth management operation.

A merger to Banca Mediolanum was also his proposal, but it didn’t lead to a deal.

Leonardo Del Vecchio is Mediobanca’s largest shareholder and Nagel was put under immense pressure. He has taken aim at Mediobanca’s excessive dependence on Generali shares, and proposed changes to the bank’s governance.

Nagel stated that Mediobanca is happy with the Generali stake. This was in a briefing after-results.

He said that it would only change the status quo if there was a concrete and equally good alternative. He said that at the moment, however, there are “no files open” or ongoing discussions to purchase a major name in wealth management.

In a statement, the bank stated that its third quarter net profit was 190.1 million euro ($200.7million). This is a fractional decrease from last year but still higher than an analyst consensus of 170 millions euros.

It said that it has not been exposed to Russia, Ukraine or Belarus in any material way and that there was a slight indirect exposure towards credit-worthy counterparts.

It stated that only “a moderate percentage” of total loans are related to the most adversely affected sectors by price increases.

Mediobanca reported that its core capital ratio, which includes cash held aside for a dividend payout ratio of 70% and an initial share buyback in December was stable at 14%.

Revenues rose to 688 millions euros due to an increase in net interest margin in consumer finance and double-digit increases in fees from wealth management operations and investment banking. This beat consensus estimates of 675million euros.

($1 = 0.9471 euros)