Banca IFIS chief executive Frederik Geertman resigned with immediate effect after a Bank of Italy inspection concluded with a partially unfavourable assessment. The Italian lender appointed Raffaele Zingone as chief executive. It said the supervisory findings covered anti-money-laundering compliance, ICT risk and operational security, securitisations, credit processes and purchased non-performing loans, internal controls, corporate governance and business-model sustainability.
The inspection ran from January to June 2026, according to the bank. The Bank of Italy opened a proceeding on additional capital requirements, to be concluded within 90 days, with Banca IFIS able to submit memoranda and documents within 45 days. The central bank also opened two administrative sanction proceedings.
REMEDIATION AND CAPITAL REVIEW
Banca IFIS said preparatory work on the required AML and compliance action plan and prudential remediation plan had already begun, and described its capital position as sound.
Shares closed 11.2% lower at €12.45 on 25 September. The bank has not disclosed the value of potential penalties.
ILLIMITY MERGER CONTINUES
Banca IFIS said it received full and unconditional authorisation from the Bank of Italy on 23 September to merge illimity Bank by incorporation. The bank said the integration would be completed within the current financial year.
The immediate milestone is the 45-day window for Banca IFIS to submit memoranda in the capital-requirements proceeding.