Governance

Banca IFIS, listed in the STAR segment of the Italian Stock Exchange and parent company of the Banca IFIS banking group, applies the traditional administration & control model, believing it to be the best for its specific corporate reality to ensure efficient management and effective controls.

In the model used by Banca IFIS the function of:

  • Strategic supervision is performed by the Board of Directors;

  • Management, saving matters for which the Board has exclusive authority and/or powers not delegated by the Board of Directors, is performed by top management (consisting of the CEO and General Manager);

  • Control is performed by the Board of Statutory Auditors.

Mission

The main purpose of Banca IFIS’s activity is to provide financial support and support for receivables management to small and medium-sized enterprises (SMEs) as well as to operators of medium/high quality who appreciate the characteristics of the Bank’s operating proposition in terms of service, guarantee and financing. Since 2008 the traditional factoring proposition has been flanked also by the distribution of leasing products based on commercial agreements with the product factories of other banking groups. In addition, as part of the activities undertaken with a view to diversifying sources of funding, development continues of the online deposit account called Rendimax, which during 2010 featured the start of placement of a debit card.

Corporate social responsibility

During 2010 the Bank updated its Code of Ethics (introduced by virtue of the Board resolution passed on 4 July 2003), which spells out the combination of the rights, duties and responsibilities of the Bank as regards all parties with whom it has dealings to accomplish its corporate mission, complying with current legislation and regulations in all countries where the Bank operates. The Code establishes reference standards and rules of conduct designed to reinforce corporate decision-making processes and guide the Bank’s conduct, thus making it a tool aiming to encourage “corporate business ethics”. This document has been published on Banca IFIS’s website (www.bancaifis.it) in the ‘Investor Relations’ section.

Outlook

On 21 February 2011 the Bank received authorization by the Bank of Italy, pursuant to Articles 53 and 67 of the Italian Consolidated Banking Act (CBA) to acquire a controlling interest in Toscana Finanza S.p.A..

The aim of the PTO that will consequently be launched (in the terms notified to the supervisory authorities and to the market) is to achieve purchase, by Banca IFIS, of the entire share capital of Toscana Finanza S.p.A. at a price of EUR 1.50 per share and subsequent delisting of Toscana Finanza shares from the Milan electronic equity market (Mercato Telematico Azionario, MTA).