Banca Ifis Sells IT Unit to Finomnia (Apax)

Banca Ifis is strategically divesting its banking IT operations to Finomnia, a financial software aggregator backed by Apax Partners. This move is designed to significantly reduce Banca Ifis's operational expenses, particularly its substantial IT expenditures, which amounted to approximately €43 million in the first half of 2026. The transaction involves the transfer of assets to a newly formed entity, Finomnia Banking, and will necessitate a renegotiation of existing service agreements.

The divestiture is a key component of Banca Ifis's strategy to streamline operations and focus on its core business areas, including corporate and investment banking, and wealth management. By offloading these IT functions, the bank anticipates realizing substantial integration synergies, estimated to contribute significantly towards a total target of €50 million. This financial maneuver is particularly timely, offering a buffer against potential extraordinary charges stemming from an ongoing inspection by the Bank of Italy, for which Banca Ifis has already provisioned €34 million in Q2 2026 and plans further provisions of €36 million for the latter half of the year.

Finomnia, the acquiring entity, is a rapidly expanding platform consolidating players in the financial software sector. Its portfolio has grown through strategic acquisitions, including Finwave from Charme Capital Partners and OCS from the Lutech group in late 2023. Further strengthening its capabilities, Finomnia integrated AI-focused activities from illimity bank in late 2024, creating AltermAind, and acquired Italian consumer finance specialist Quid and its subsidiary Cabel Industry in early 2025. The acquisition of Spanish firm Alvantia, specializing in leasing and factoring software, also bolstered its offerings.

Despite the divestiture of IT operations, Banca Ifis will maintain a crucial long-term strategic partnership with Finomnia within AltermAind. This joint venture, focused on developing AI-driven products and services, sees Finomnia holding a majority stake of 52% and Banca Ifis retaining 48%. This collaboration is a direct legacy of Banca Ifis's acquisition of illimity bank in mid-2025, underscoring the continued importance of AI innovation for the bank's future digital platforms and customer relationship management systems.

The management of Banca Ifis, led by CEO Frederik Geertman, has characterized 2026 as a pivotal "transition year." This period is dedicated to integrating the acquisition of illimity bank and recalibrating the bank's strategic direction. The successful execution of this IT divestiture is expected to contribute positively to the bank's financial performance and its ability to navigate the complexities of its ongoing integration and strategic repositioning, while also managing the uncertainties surrounding the anticipated sale of its non-performing loan (NPL) assets.