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NetworkNewsBreaks – illimity Bank S.p.A. (MIL: ILTY) Approves, Releases Strategic Plan

Company: illimity Bank S.p.A. (ILTY)
Category: News

illimity Bank (MIL: ILTY) has outlined and approved its 2021–25 strategic plan. The company noted that the plan is based on solid results accomplished, including first and foremost the already achieved return on equity (“ROE”) of around 8% for the first quarter of 2021 and expected at 10% for the year 2021 as a whole, with a forecast net profit of between 60 and 70 million euro while maintaining a low risk profile and a robust capital base. The announcement noted that results achieved are based on a series of strategic decisions that have proved to be correct, including the company’s focus on loans to SMEs and specifically in three segments of significant interest: performing loans to corporates, unlikely-to-pay corporate loans and corporate nonperforming loans (“NPLs”). The company also noted that illimity has built a team of more than 650 professionals that have experience in more than 200 different organizations and have garnered significant expertise that is not always available in the banking sector; for example, 70% of illimiters have nonbanking backgrounds, with particular importance given to experience in the various business sectors. The announcement noted that illimity has placed considerable focus on technology in all its sectors of activity and has developed proprietary software architecture with fully digital, modular, and in cloud features.

To view the full press release, visit https://nnw.fm/pAjaZ

About illimity Bank S.p.A.

illimity is the high-tech banking group founded and headed by Corrado Passera that was created with the aim of responding to specific market needs by way of an innovative and specialist business model. More specifically, illimity extends financing to high-potential SMEs (“SMEs”); purchases distressed corporate loans and services through its platform, neprix; provides digital direct-banking services through illimitybank.com; and with illimity SGR plans on setting up and managing the first Alternative Investment Fund for corporate loans in the coming months. The story of the illimity Group began in January 2018 with the launch of the special purpose acquisition company SPAXS S.p.A., which ended with a record 600 million euro being raised on the market. SPAXS subsequently acquired Banca Interprovinciale S.p.A., with the resulting merger between the two giving rise to illimity Bank S.p.A., which has been listed on the Italian Stock Exchange since 5 March 2019, firstly on the MTA platform and since September 2020 on the Star segment. The banking group, headquartered in Milan, can already count on over 600 employees and lists assets of more than 4 billion euro in its balance sheet at the end of 2020. For more information about the company, please visit www.illimity.com.

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