Cherry Bank is a young, very young bank, founded in 2021 by Giovanni Bossi (formerly of Banca Ifis), who is its soul and brain and who is the CEO. It is a bank that has only been around for four years but is innovative and rapidly evolving “with the ambition of establishing itself as a small universal bank” capable of putting the customer at the center and providing them with all financial services. But it also has the ambition to grow quickly both internally and through targeted acquisitions. By 2027 it aims to double its assets (in 2024 by 194,5 million euros) and reach a profit of 70 million euros. Its headquarters are in Padua but it already has roots in Romagna, Marche, Pordenone, Ferrara and it wants to grow especially in Milan, Brescia and Rome to reach a national dimension without ever losing sight of the quality of the service, the personalization of the relationship with the customer and the speed of its responses. In this interview with FIRSTonline Giovanni Bossi explains how and why Cherry Bank has the ambition to grow but also to be a bank different from the others.
Bossi, the 2024 balance sheet results (net profit of 30,1 million euros, +17,1% YoY, intermediation margin of 182,6 million, +86,4% YoY, and net equity of 194,5 million, +17,8 YoY) tell the story of the growth of his new banking creation, but what kind of bank does Cherry Bank want to be and what is its real job? Commercial bank or specialized bank? In the recovery of bad debts or in asset management? Mainly online bank or branch-based?
Cherry Bank is a rapidly evolving Italian bank, with the ambition of establishing itself as a “small universal bank” in the national financial landscape. It does not limit itself to operating in a single segment, but integrates different skills and services to offer customers comprehensive support, covering the entire financial life cycle. This vision is based on a strategy that combines customer focus with a wide range of financial solutions, from wealth management to 360-degree corporate banking, from advisory to trade finance to factoring, essential to support the working capital of companies, to retail for individuals.
What sets Cherry Bank apart is its ability to create synergies between specialized units, overcoming traditional barriers between sectors. For example, corporate & investment banking activities (structured finance, trade finance, special situations, advisory and alternative investments) operate in close connection with each other and with other units of the bank, ensuring a transversal and integrated approach. This flexibility allows the bank to respond quickly to customer needs, offering a complete and customized service, without compromising on quality and attention.
In a context where many banks are pursuing economies of scale through mergers and acquisitions, Cherry Bank instead aims for sustainable growth, balancing organic expansion with targeted strategic operations. This approach allows it to maintain a high level of control over the quality of services and corporate culture, avoiding the typical difficulties of post-acquisition integration.
In short, Cherry Bank presents itself as a “full-service banking hub”, committed to preserving that “biodiversity” in the banking sector that risks disappearing in an increasingly standardized and concentrated market.
Among the many banking offers that the market offers, what can induce the customer to choose Cherry Bank?
Cherry Bank stands out in the banking landscape thanks to a deeply personalized approach aimed at building solid and long-lasting relationships with customers. It is not simply a matter of offering pre-packaged packages, but of truly listening to people, of understanding their explicit needs and often even their deepest and unexpressed ones. This is the starting point for creating tailor-made solutions, capable of fully responding to customer expectations.
Listening is at the heart of this philosophy. At Cherry Bank, every relationship begins with active listening, which does not limit itself to recording requests, but seeks to understand the motivations and ambitions that underlie them. This is possible thanks to a team of highly qualified professionals, trained to interpret and anticipate needs, focused on identifying personalized responses that go well beyond the boundaries of traditional financial products.
The ability to integrate different skills is another distinctive element. Cherry Bank does not limit itself to offering sector solutions, but builds tailor-made responses that combine savings management, credit, advisory and wealth management. This approach allows to create added value along the entire financial journey of the customer, from the beginning of the relationship to the achievement of long-term goals.
Listening to the customer and personalising the relationship are therefore distinctive elements of Cherry Bank's way of being, but are they the only ones?
It's not just about listening and personalization. Speed and responsiveness are part of Cherry Bank's DNA. In a context where time is often a critical factor, the bank stands out for its ability to respond quickly to customer needs, thanks to an advanced technological infrastructure and streamlined decision-making processes. This allows us to be agile, to adapt quickly to market changes and to offer timely solutions.
Ultimately, Cherry Bank does not limit itself to guiding the client until the signing of an agreement, but supports them throughout the entire financial growth process. It is a strategic partner, capable of evolving together with the client, creating a valuable relationship based on trust, understanding and a shared vision of progress and development. We want to be promoters of growth, not only economic, but also personal and professional. We offer concrete answers and strategic solutions in a constantly evolving financial world.
In presenting the latest financial results, did you clearly express your intention to further grow Cherry Bank, but organically or through new acquisitions?
Significant growth is a strategic necessity for Cherry Bank. Size matters, especially in an industry like banking, where the costs of regulatory compliance and technology investments are extremely high and largely independent of operational scale. These costs, often not visible from the outside, represent a complex challenge that can only be addressed more efficiently by reaching a critical mass, while avoiding the inefficiencies typical of excessively large institutions.
Choosing between organic growth and acquisitions is a crucial strategic decision. Organic expansion, while generally slower, offers significant advantages: it guarantees greater control over the quality of services, reduces the risk of operational discontinuity and preserves the cultural identity of the company. It is a safer and more gradual path, which allows you to build a solid and sustainable foundation over time.
On the other hand, acquisitions can significantly accelerate the growth process, allowing rapid expansion into new markets or segments, but they pose complex challenges, both at a human and technological level. Integrating different corporate cultures and harmonizing heterogeneous technological systems can be a delicate and challenging process, requiring careful planning and strong managerial commitment.
In this context, the role of shareholders becomes crucial. A well-considered acquisition strategy must take into account the bank's capital balance, preserving financial strength and the ability to sustain new investments without compromising the overall stability of the institution.
Ultimately, Cherry Bank is ready to seize internal growth opportunities, but also remains open to consider strategic acquisitions, where these can create value and strengthen its competitive position. The aim is to carefully balance the two strategies, to build a strong future, in line with our long-term vision.
Between the Veneto hub, where you will build your new headquarters, the Romagna branch and the Marche branch, which Cherry Bank reality is giving the most satisfaction and why?
Each geographic area in which Cherry Bank operates has unique characteristics and specific opportunities; it requires a differentiated approach to best serve local customers.
Veneto: This region is a dynamic and highly competitive industrial hub, characterized by a strong demand for credit and advanced financial services, such as corporate banking and trade finance. The context is challenging, with strong competition between credit institutions, but the growth opportunities are significant for those who know how to gain the trust of companies, step by step. Here, attention to the quality of service and the speed of responses is crucial to emerge.
Romagna: In this region, Cherry Bank has built a solid presence over time thanks to the integration of Banca Valconca, benefiting from a diversified and dynamic entrepreneurial client base. Romagna offers a favorable context to develop wealth management services and personalized financial advice, thanks to a strong industrial tradition and a deep-rooted entrepreneurial culture.
Market: This is perhaps the area with the greatest development potential. After decades of “debanking” and less digitalization than other regions, the Marche represents an interesting opportunity for those who are able to build solid relationships and support small and medium-sized businesses in their growth path. Here the approach must be particularly attentive to local needs, with a strong focus on proximity to the customer and listening to territorial specificities.
Cherry Bank is not limited to these three areas. We are already present in Lombardy, Milan and Brescia, in Pordenone in Friuli and in Ferrara; and we are expanding our presence in Rome, where we have had an operational office for some time and we are looking with interest at new opportunities. We are not tied to a specific territory, except for the strictly retail part, which by its nature is more tied to the land of settlement.
Our goal, as outlined in the Strategic Plan 2025-2027, is to further strengthen our national presence, creating a widespread network that can best serve customers throughout Italy.
What is the identikit of those who work at Cherry Bank today and what is the typical customer?
Those who work at Cherry Bank are much more than just professionals. They are curious people, capable of thinking creatively and “out of the box”, ready to put their ideas into play in a dynamic and stimulating environment. They do not limit themselves to performing repetitive tasks, leaving these activities to the machines, but are motivated to actively contribute to the growth of the company, seeing their work as a real personal project. At Cherry Bank, employees are encouraged to go beyond the boundaries of the ordinary, to anticipate customer needs and find innovative solutions, building long-lasting relationships based on trust.
Cherry Bank's typical customer also has a well-defined profile. They are often people or businesses that shy away from standardized responses and pre-packaged models, preferring a customized approach that enhances their specificities. They are someone who appreciates discussion, loves to reflect on their choices and wants a financial partner capable of accompanying them along the entire growth path, from optimizing savings to strategic financial planning, through credit and advisory. They are customers who know how to think independently, but who recognize the value of expert and personalized advice, capable of translating their aspirations into concrete realities.
What are your goals for the next three years?
Cherry Bank's objectives for the next three years are ambitious and reflect a vision of sustainable growth and consolidation in the Italian banking landscape. By the end of 2027, we aim to double our assets and reach a net profit of approximately €70 million, unless acquisition opportunities arise that can further accelerate this path. Our strategic plan envisages a combination of organic growth and potential acquisitions, with a focus on some key pillars:
Growth of Assets: Double the size of the institution's assets, ensuring a solid capital base to support new investments and address the challenges of the financial markets.
Territorial Expansion: Strengthen our presence in strategic areas such as Veneto, Romagna and Marche, as well as consolidate our position in Lombardy and Lazio, with new openings planned in the coming years.
Technological innovation: Integrate new technologies to improve operational efficiency and offer customers a cutting-edge banking experience, while maintaining a high level of service personalization.
Wealth Management and Corporate Banking: Continue to develop and integrate wealth management, advisory and corporate banking services, creating synergies between the different operational areas to maximize the value offered to clients.
Opportunistic Approach to Acquisitions: Carefully evaluate acquisition opportunities, maintaining a balance between internal growth and the integration of new entities, to ensure financial and operational stability.
Of course, these objectives will have to be pursued in an ever-changing economic and geopolitical context, with all the uncertainties that characterize the global market. However, we are confident that, thanks to a well-defined strategy and a result-oriented corporate culture, we will be able to achieve these goals and further consolidate our position in the Italian banking sector.
Will Cherry Bank be listed on the stock exchange in the future and when?
The stock market listing is certainly an option that can be considered by Cherry Bank, but only if it represents a real added value for all its members. It is not simply a matter of reaching a new milestone, but of ensuring adequate growth and valorization of the capital.
Indeed, tackling the capital market requires a solid capital base and robust financial parameters, which can justify a market capitalization of more than one billion euros. Only in this scenario would a listing make sense, allowing access to new resources to support expansion and further consolidate the competitive position of the bank.
At the moment, however, this perspective is not foreseen in the short-medium term. The priority remains to grow organically and through strategic acquisitions, consolidating the financial fundamentals and maintaining a high level of control over the quality of services offered to customers. When market conditions are favorable and business parameters allow it, Cherry Bank will consider this step with due care.
