Banca Ifis receives Bank of Italy approval for illimity merger

Banca Ifis has received full and unconditional authorization from the Bank of Italy to proceed with its merger by absorption of illimity Bank. The integration process is expected to be completed by the end of the current fiscal year.

Following the merger, Banca Ifis anticipates recognizing approximately €70 million in deferred tax assets (DTAs) on its balance sheet. The transaction is also expected to deliver annual synergies totaling €75 million starting from 2027.

In conjunction with these developments, Banca Ifis announced a leadership change. Raffaele Zingone has been appointed as the new Chief Executive Officer, succeeding Frederik Geertman, who has resigned from his roles as CEO and board member with immediate effect.