Banca Ifis: green light from Bankitalia to merge with illimity Bank, Zingone new CEO

Banca Ifis has received the "full and unconditional" provision from the Bank of Italy authorizing the merger by incorporation of illimity Bank.

The integration operation will therefore be completed within the current financial year in line with what has already been announced, with the recognition in the balance sheet of approximately 70 million euros of deferred tax assets (DTA) and confirmation of the achievement of the further synergies expected when fully operational of 75 million euros per year starting from 2027.

These synergies, explains Banca Ifis, are also confirmed thanks to the work carried out by the corporate functions for the completion of the disposals of Hype, Arecneprix and Abilio, carried out as scheduled, and for the remodulation of illimity's main IT contracts, which also allow the group's operating model to be simplified and its strategic focus on activities with higher added value to be strengthened.

The board of directors of Banca Ifis, chaired by Ernesto Fürstenberg Fassio, acknowledged and accepted the resignation, with immediate effect, of Frederik Geertman from the position of director and managing director and unanimously resolved the co-optation of Raffaele Zingone as a non-independent director and his appointment as managing director of the Bank, with immediate effect and until the next shareholders' meeting.