Bff: 'Collecting safely, funds ready to go'

'I have no inkling of hostile takeovers, but in such cases it would be normal to be among the last to know. Instead, I confirm that there are financial investors who are interested in growing in Bff's capital. This is feedback that I have gathered during these days of roadshows. Everything will be linked to our ability to perform well in the next two quarters to reassure the market'. Freshly appointed as Bff Bank's CEO, Giuseppe Sica does not appear frightened by the stock's difficulties at Piazza Affari (-60% since the departure of the former CEO) and is working on a new phase for the institute, which has recently been navigating in troubled waters, from the target cut to the missed coupon.

The resilience, he explains in an interview with Radiocor, is visible in the numbers: 'If you look at our liquidity ratios at the end of 2025, I think few banks have such high levels. Funding is definitely under control,' the CEO assures, explaining that the institution is not experiencing any outflows.

The first stage of the new course for him was a tour among international investors, from London to New York via Paris, 'where I found an extremely high level of interest. Beyond the share price performance, almost 80% of the capital has been traded since the beginning of February. Several investors are buying, now we have to consolidate this interest in the coming quarters with solid results'. These are not industrial players, he points out, but 'several funds that have already increased their stake'.

The watchword at this stage appears to be prudence, even on the targets front: 'My approach has been to take a more conservative stance than in the past, but I expect to exceed expectations, given the real prospects for the business. We had an adjusted net profit target for 2026 of 240 million, we have revised it to 160 million, a very important revision that reflects my expectation of profitability for the future'. However, the goal is to beat the guidance: 'I would like to do better.

Meanwhile, the first quarter of the year, albeit ongoing, 'is going better than the market perceived'. On the derisking front, the manager does not rule out securitisations ('that can free up capital'), nor a return to the coupon as early as 2026: 'That is the expectation, if we do the right things. My trajectory is to do well for the next few quarters and then have the right basis to prepare the new Industrial Plan'. In short, confidence on the dividend? 'That is my plan'. Sica emphasises that in addition to factoring there are also Bff's custodian bank and payment services activities, and 'these are two businesses with zero risk that generate liquidity. We have three very strong legs, we need to understand what the right mix will be'. As for possible acquisitions, 'I don't think we will do anything in the short term. M&A is something that makes sense, but you have to do it when there is the right opportunity, with patience'.