Azimut in Talks With FSI for New Bank Valued Up to €1.6 Billion

Azimut Holding SpA has entered into exclusive talks with FSI to spin off part of its business and create a new bank.

Italian investment fund FSI would take a controlling stake in the new company, giving it an enterprise value between €1.3 billion ($1.4 billion) and €1.6 billion, according to people familiar with the matter, who asked not to be named because they aren’t authorized to talk about it.

Talks are continuing and there is no certainty that the transaction will be completed, the people said. As part of the deal with FSI, the new company may purchase a small ...