Banca Ifis shares fell 14.5% on Friday, triggering an automatic trading suspension, after a Bank of Italy inspection identified issues in anti-money laundering, digital technology, operational risk, internal controls and governance. The lender appointed Raffaele Zingone as chief executive with immediate effect, replacing Frederik Geertman. The supervisor has 90 days to determine any additional capital requirements, while Banca Ifis has 45 days to submit observations; two penalty proceedings have also been initiated. The bank said it would reassess loan classifications, strengthen risk and control functions, hire new professionals and prepare a new business plan. Banca Ifis also said it had received non-binding bids for its bad-loan operations and aimed to complete the sale this year. The Bank of Italy has authorised the incorporation of illimity, acquired by Banca Ifis last year, while the group continues to target annual synergies of €75 million from 2027.