Change at the top of Banca Ifis: Raffaele Zingone takes over from Frederik Geertman as CEOHe will be the one to manage the merger with unlimited, operation that received the “full and unconditional” green light from the Bank of Italy. From Via Nazionale also came the inspection report carried out in the first half of 2026, closed with a "partially unfavorable opinion" and with the request for corrective measures. In the meantime, the sale of the NPL business, Banca Ifis announced it had received non-binding offers from several investors for the entire branch. Amid this flurry of news, the Milan Stock Exchange (Piazza Affari) Banca Ifis shares fell by 12,9%, falling to 12,21 euros per share.
Banca Ifis: Illimity to be incorporated by the end of the year, with €75 million in synergies confirmed.
On September 23, Banca ifis received full and unconditional authorization for the merger of illimity Bank. The transaction will be completed. within the current financial year, in line with the program already announced, with the budgeting of approximately 70 million euros of Dta, deferred tax assets. The synergies, which starting from 2027 will be equal to 75 million euros annually. "These synergies are also confirmed thanks to the significant work carried out by corporate functions to complete the divestments of Hype, Arecneprix, and Abilio, completed according to schedule, and to the restructuring of illimity's main IT contracts, which also simplify the group's operating model and strengthen its strategic focus on higher value-added activities," Banca Ifis emphasized in a statement.
Ifis Bank: Raffaele Zingone is the new CEO
After nearly six years at the helm of the bank, on September 24 Frederik Geertman has resigned effective immediately from his position as director and CEO of Banca Ifis, also leaving his positions as non-executive director at illimity Bank and Ifis Npl Investing.
In his place, the board of directors chaired by Ernesto Fürstenberg Fassio, unanimously, appointed Raffaele Zingone. He has been with Banca Ifis for twenty years, where he held various positions of responsibility, and since 2026 Zingone has been CEO of illimity Bank, of which he followed the integration process into the Ifis group, as well as the entry into the private market, with the Fürstenberg brand. Since 2021, he has also been co-manager general and chief commercial officer of the group.
Another important appointment is that of Fabio Lanza, from 2021 co-general manager and chief operating officer of Banca Ifis, who becomes the new direttore generaleHowever, the effectiveness of the appointment is subject to the positive outcome of the Fit & Proper procedure by the Bank of Italy.
“The new management structure allows the group to ensure the full management and operational continuity through the valorization of internal resources and allows us to accelerate the implementation of the new banking project serving businesses, entrepreneurs, and families, with the aim of continuing to generate economic and social value,” underlines Banca Ifis.
Non-binding offers received for the NPL business
Meanwhile the group continues on the sale of the NPL business. Banca Ifis announces that it has received funding from several investors non-binding offers for the entire business. This marks the start of the second phase of the plan, which should be concluded by the end of the year with the signing of a binding offer. Once the non-performing loan business is sold, Banca Ifis will officially become an institution active in specialty finance and services for SMEs.
The inspection report of the Bank of Italy
In this context, the report on the inspections conducted by the Bank of Italy between January and June 2026 arrived on September 23. The document contains a “partially unfavorable judgment"and "both compliance and management surveys” covering various areas: anti-money laundering, ICT risk and operational security, securitization, credit process and NPLs purchased from third parties, internal control system, corporate governance and sustainability of the business model.
Bankitalia has therefore asked to prepare a anti-money laundering and compliance action plan is one of precautionary remedyWithin the latter, the required activities include requalifying corporate governance structures, including through the addition of new skills and professionalism, strengthening second-level control functions, drafting a new group business plan, reviewing processes in the credit, NPL, and securitization sectors, and developing a plan to strengthen the ICT risk management and control system and operational security.
“In the wake of the relationship of continuous and full collaboration with the Supervisory Authority"Preliminary activities for the preparation of the aforementioned plans have already been initiated. They will be promptly implemented as soon as they are defined, and their proper execution will be continuously monitored," Banca Ifis announced. In any case, the requested interventions, the bank further emphasizes, do not jeopardize the continuation of the sale of the NPL branch and the transformation process.
Capital requirements
The Bank of Italy has initiated a procedure for the determination of additional capital requirements, which will be concluded within 90 days, with Ifis entitled to submit briefs and documents within 45 days. Finally, notification was given of the initiation of two disciplinary proceedings against the bank alone, which "will defend its position within the timeframe and according to the procedures established by current legislation," Banca Ifis concludes.
