BANCA IFIS S.p.A.: Banca Ifis exceeds targets and closes 2020 with profit of 68,8 million Euro. Geertman joins the Board of Directors
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In order to fully implement the Group s business model, as envisaged by the 2020-2022 Business Plan, changes have been made to the operating Segments previously stated: the Enterprises Segment, renamed Commercial & Corporate Banking groups together the commercial activities intended for enterprises and excludes the portfolios of loans disbursed by Interbanca before the acquisition and set to run-off (previously aggregated into the Enterprises Segment); the Npl Segment has been kept in line with the past, while the Segment, now called Governance & Services and Non-Core, has been integrated into the non-core section, which includes the portfolios excluded from Commercial & Corporate Banking.
In Short
The Situation: As of the close of the Brexit transition period ending on December 31, 2020 ( Withdrawal Date ), UK banks, UK investment firms, and UK electronic money institutions ( UK Financial Institutions ) can no longer operate in Italy under the principle of mutual recognition.
The Action: Article 22 of Italian Law Decree No. 183 of December 31, 2020 ( Milleproroghe Decree ) as further explained by the press releases issued by Bank of Italy and Consob on January 2, 2021 provides for a grace period until June 30, 2021, for UK Financial Institutions, provided that a request to operate in Italy had been submitted to the relevant Italian competent authority by the Withdrawal Date.