By Giovanni Legorano

MILAN--Italian lender Mediobanca SpA (MB.MI) said Thursday it will target gross operating profit of EUR1 billion ($1.07 billion) by the end of fiscal 2019 by boosting its investment banking, wealth management and retail businesses.

The bank also said it will continue downsizing its vast portfolio of stakes in Italian companies, which had been a cornerstone of its business model.

The bank said it plans to sell EUR1.3 billion worth of stakes in companies, including a 3% stake in Assicurazioni Generali SpA (G.MI). Mediobanca currently owns 13% in Generali.

Mediobanca also said it agreed to buy a 50% stake in private bank Banca Esperia from Mediolanum group for EUR141 million.

Write to Giovanni Legorano at giovanni.legorano@wsj.com

(END) Dow Jones Newswires

November 17, 2016 02:04 ET (07:04 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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