The reorganization of the Italian banking sector marks a new transition. Thousands of Illimity Bank customers, in fact, have received notification of a decisive date. On 9 November 2026 (or one of the following days) the merger by incorporation with Banca Ifis spa will be completed, closing the path that began with the success of the Public Purchase and Exchange Offer (Opas) of July 2025. For Illimity account holders, there is therefore the first official information with the operational indications for the transition.
Illimity’s parable: from Spac to integration
Founded in 2018 (raising over 600 million euros in capital) by Corrado Passera through Spac Spaxs and operational since 2019, Illimity was born as a native digital company focused on credit to SMEs, the distressed credit market and retail funding with high-yield accounts and deposits. But things didn’t go exactly according to plan. The difficulties regarding non-performing loans – NPE – and a critical mass of retail customers that did not grow at the expected speed, led already in 2024 to a loss-making balance sheet of almost 40 million and the reorganization of management. Until the interest of Banca Ifis, a historic group founded in 1983 by Sebastien Egon von Fürstenberg and leader in specialty finance.
The operation saw Ifis promoting a takeover bid for all of Illimity’s 84,067,808 ordinary shares. The transaction stood at a value of around 300 million euros, allowing the subsequent delisting of Illimity from Piazza Affari in July 2025. From an industrial point of view, the integration was estimated to generate synergies when fully operational equal to approximately 75 million per year starting from 2027, strengthening the capital ratios and positioning of the integrated group in the specialty finance sector.
What changes for retail customers
The corporate transfer guarantees “the operational continuity of existing relationships”. For customers, the current account will remain active, but a new IBAN will be assigned: the bank will send specific communications accompanying account holders step by step in the migration. The access credentials (username and password) will remain valid and will not change. Starting from the merger date, digital operations will continue via the current app and via browser at the dedicated address www.illimity.bancaifis.it.
All debit and credit cards will continue to work as normal. For those who have deposit accounts or restricted lines, the agreed returns will remain unchanged and the lines will continue until natural expiry under the same contractual conditions.
“We will continue to accompany you with the same attention and reliability as always, providing new opportunities, greater skills and services designed to simplify the management of your financial needs”, reads the message to customers.
The precautions
Ifis will migrate the data ensuring the continuity and integrity of the information. It is advisable to save on a durable medium or print any bank statements and documents of interest. Upon receipt of the new Iban code, it will also be appropriate to check the correct updating of recurring credits and bank debits.