Bank of Italy appoints special administrators to support BFF board in lender's restructuring (updated)

BFF Bank SpA

29/03/2026 14:33

Recasts to lead on special administrators appointment

MILAN, March 29 (Reuters) -
Italian lender BFF Bank BFF.MI said on Sunday the Bank of Italy had named two extraordinary commissioners to temporarily work alongside its board to oversee a rapid restructuring and adopt remedies in its factoring business and the internal control system.

BFF said an audit the Bank of Italy has been conducting has highlighted issues with its factoring and lending activities as well as the classification of credits to reflect potential losses.

The issues with the internal control system, and ensuing remedies, relate to accounting and credit management, it said.

"The findings are part of a wider picture of irregularities and critical issues whose overall scope is still under assessment," BFF said.

BFF said last month that Chief Executive Massimiliano Belingheri was stepping down as the lender booked bad loan provisions, restated past earnings and cut its 2026 targets.

Reuters
later
 in February reported that Milan prosecutors had opened an investigation into alleged false accounting at BFF.

BFF has named as new CEO its Finance Chief Giuseppe Sica who, following the Bank of Italy's decision, will now work with central bank-appointed commissioners Raffaele Lener and Francesco Fioretto.

 (Reporting by Mihika Sharma in Bengaluru and Giulio Piovaccari in Milan
Editing by David Goodmann and Valentina Za)

 ((giulio.piovaccari@thomsonreuters.com
))