Ifis, change at the top: Zingone appointed as new CEO. Bank of Italy gives the go-ahead for the merger with illimity

There has been a change at the top of Banca Ifis, marking the start of a phase of far-reaching managerial reorganisation – whilst maintaining continuity – ahead of the merger with illimity, which the Bank of Italia has just authorised. The key change is at the helm: Raffaele Zingone takes over from Frederik Geertman as chief executive. This comes just as the bank, which has entered the second phase of the tender process for the sale of its NPL business, has received the long-awaited inspection report from the Bank of Italy, which concluded with a partially unfavourable assessment and a request for a series of corrective measures. Bankit has raised the possibility of additional capital requirements: hence the impact on the share price, which is slipping on the stock market.

The first step concerns the integration of the two banks. On 23 September, Banca Ifis received full and unconditional authorisation from the Bank of Italia for the merger by absorption of illimity. The process will be completed by the end of the year, as planned. Consequently, the group will be able to recognise approximately €70 million in deferred tax assets (DTAs) in its financial statements. This confirms the target of annual synergies totalling €75 million from 2027 onwards.

As mentioned, the second development concerns the change at the top. The bank, chaired by Ernesto Fürstenberg Fassio, yesterday acknowledged the resignation, with immediate effect, of Frederik Geertman from his posts as chief executive and board member. He is succeeded by Raffaele Zingone, who has been with Banca Ifis for twenty years, where he has held various positions: since 2021, he has been co-managing director and chief commercial officer of the group, and in 2026 he took the helm at illimity, overseeing its relaunch, its integration with Banca Ifis and its entry into private banking under the Fürstenberg brand. He will be joined by Fabio Lanza, currently Co-Managing Director and Chief Operating Officer, who will become the new Managing Director.

This management shake-up is accompanied by a change of direction from a strategic perspective as well. This is because the bank has entered the final stages of the sale of its entire non-performing loan (NPL) business. Having received non-binding offers from various investors, the bank is now entering the competitive phase of the process, with binding offers due to be submitted. Ifis will therefore divest both its NPL portfolio investment business and its servicing operations. Here too, the entire process is expected to be completed by the end of the year. Once this step has been completed, the bank will refocus on specialist finance and services for businesses, entrepreneurs and households.

Amidst all this comes what is perhaps the most sensitive aspect, concerning the findings of the inspection carried out by the Bank of Italia between January and June 2026. The report, submitted on 23 September, contains a partially unfavourable assessment, and the bank has been found to have a number of management and compliance issues across various areas, ranging from anti-money laundering to cyber risk, operational security, securitisations, the credit process, NPLs purchased from third parties, the internal control system, corporate governance and the sustainability of the business model.