Banca Ifis has been authorized by the Bank of Italy for the merger by incorporation of Credifarma Spa into Farbanca Spa. The operation represents the completion of the project started with the acquisition of Farbanca in 2020 and is included in the initiatives of the 2022-24 Business Plan aimed at a further simplification and specialization of the organizational structure of the Venetian institute.
The interest in Banca Ifis' white coats is part of a development plan that began a few years ago with the acquisition of the majority of Credipharma, the finance company created to support pharmacists in choosing the loan that best suits their needs. Since 2018, Banca Ifis controls 70% of Credifarma, while the remaining 30% is controlled by Federfarma.
Also, from November 27, 2020 Farbank – institution specializing in the offer of products and services dedicated to the world of pharmacies and healthcare - it is part of the Banca Ifis Group which controls 70,77% of the capital and the remaining 29,23% of the capital is held by 450 small shareholders mainly pharmacists. Farbanca has been operating since 1999 as a bank specializing in the pharmacy sector, in support of pharmacist entrepreneurs to encourage the development processes of the sector, increasing the opportunities for operational and income growth.
To encourage growth, it will be implemented over the next three years cross selling on the other products dispensed by Banca Ifis, from which customer pharmacies will be able to benefit. The extension of investments in digital technology presented in the Business Plan will also accelerate process innovation and the extension of the range of services offered.
Credifarma and Farbanca have around 850 million euros in loans granted to pharmacies, with estimated net revenues for 2021 of 20 million euros. Thanks to the new business plan, Banca Ifis plans to bring loans disbursed to pharmacies to more than one billion euro, pushing net revenues to 24 million euro at the end of 2024.
