(Il Sole 24 Ore Radiocor) - Milano, 17 nov - Shares of the Italian asset management group Azimut were lower in Milan trade, resuming a downward trend after Deutsche Bank cut its recommendation on the stock to "hold" from "buy".

At 1120 GMT Azimut shares were down 2.08% to 33.03 euros while the benchmark FTSE MIB was 0.52% lower at 43,767.30 points.

Deutsche Bank, which maintained its target price for Azimut shares at 35 euros, expects that the timing of Azimut's planned creation of the digital bank TNB, could be affected after the Bank of Italy found organizational and governance shortfalls at its Azimut Capital Management business in an inspection earlier this year.

Azimut CEO Giorgio Medda last week said that the inspection carried out by the Italian central bank was part of the normal oversight process to which all asset managers are subject, while shortfalls that emerged are "completely manageable". Medda added that its project to create TNB would be carried forward with determination.

According to Deutsche Bank, a wave of selling that hit Azimut shares last week reflects market concerns on possible delays to the TNB project. Although Deutsche Bank's base scenario is that the project will be implemented, it now sees approval.

only in the third or fourth quarter of 2026.

(RADIOCOR) 17-11-25 12:31:11 (0312) 5 NNNN