Preliminary 2020 Banca Generali SpA Earnings Call Transcript
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Banca Generali Preliminary 2020 Results Conference Call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Gian Maria Mossa, CEO and General Manager of Banca Generali. Please go ahead, sir.
Good afternoon, and thank you for participating at our full year results conference call. As you know, 2020 was, for several reasons, one of the most difficult years ever with the pandemic and the economic crisis that changed significantly the clients' perception and clients' priority. In this context, the increasing need for advisory and for protection has accelerated the structural shift from the traditional distribution channel to the FA network. And this new normal explained very well the very, very strong inflows of all the industry and of Banca Generali as well.
We closed last year with EUR 5.9 billion of net inflows, basically driven by the quality of
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