Banca Ifis accelerates the restructuring after the illimity operation and sells to Prelios one of the activities considered non-strategic. The institution controlled by the Fürstenberg Fassio family has signed a binding agreement for the sale of 100% of ARECneprix, a company specialized in the management of non-performing loans, real estate assets, and complex operations, for a consideration of 30 million euros. The closing is expected by the end of June 2026.
The operation is part of the broader integration process of illimity Bank, acquired in 2025 through a takeover bid. Above all, it is a piece of the strategy with which the group is trying to lighten its scope, reduce costs, and focus on activities considered core, at a time when the historic Npl business shows tighter margins and greater regulatory pressure.
WHAT IS TRANSFERRED TO PRELIOS
ARECneprix entered Banca Ifis’s orbit precisely through the acquisition of illimity. The company was born in January 2023 from the merger between neprix and AREC and is mainly active in two segments: credit management, with servicing and advisory activities on portfolios of non-performing loans, and real estate asset management focused especially on the enhancement of properties for institutional investors.
In 2025 it recorded revenues of 29.5 million euros, employs about 125 people, and manages assets worth 6.4 billion.
With the sale, Banca Ifis also obtains a capital benefit estimated at about 10 basis points of CET1. At the same time, ARECneprix and illimity Bank have signed a multi-year servicing agreement that will ensure continuity in the management of the group’s portfolios even after closing. Transitional agreements for post-closing services have also been defined.
THE GROUP’S RESTRUCTURING AFTER ILLIMITY
The sale comes after another operation already completed in recent months, that of Hype to Banca Sella, and follows the sale of Abilio, a company specialized in the management and marketing of assets from insolvency procedures, sold to Servizilegali.net. Two operations that, as noted by Sole 24 Ore, have a limited impact on the income statement but are significant for simplifying the group’s structure and for the integration of illimity within Banca Ifis, which should enter a more concrete phase in the second half of the year.
Not by chance, in recent weeks the bank’s top management had already clearly indicated the direction. In the first quarter 2026 results, Banca Ifis announced a “rationalization of the perimeter” and a strategic review of the Npl business. A step that reflects the changing scenario in the non-performing loans market, historically one of the pillars of the Venetian bank.
WHY IFIS IS CHANGING STRATEGY ON NPLS
For years, Npls guaranteed Ifis high margins thanks to the purchase of distressed portfolios at heavily discounted prices. But the picture has changed. In the first quarter of 2026, revenues from the Npl sector stood at 47.2 million, down by over 33 million compared to the previous year, while the sector’s profit fell to 1.3 million. According to what was also reported by Startmag in recent weeks, lower margins, higher purchase prices, and above all growing regulatory pressure weigh on the sector.
Indeed, the sector is affected by the effects of calendar provisioning, the regulatory mechanism that requires banks to make higher provisions on non-performing loans and therefore absorb more capital. A dynamic that has pushed Banca Ifis to start a strategic reflection on its Npl portfolio and possible deconsolidation options, including partnerships and consolidation operations.
The goal is to shift the bank’s focus towards commercial banking and specialized lending to businesses, while preserving capital solidity and dividends.
THE INDUSTRIAL RATIONALE OF THE OPERATION
This framework also includes the choice to sell ARECneprix. Raffaele Zingone, CEO of illimity Bank and co-general manager of Banca Ifis, defined the operation as “an important step in the process of enhancing illimity Bank’s non-core assets,” explaining that the agreement with Prelios will allow the group to “focus even more closely” on businesses considered strategic.
Behind the operation is also the desire to give ARECneprix a more coherent industrial placement. The bank emphasizes that the sale aims to “develop ARECneprix’s activity, enhancing its internal skills and professionalism within a specialized group.”
WHO IS PRELIOS
The buyer is Prelios, one of the main Italian operators in the credit servicing and alternative asset management sector. The company is part of the Ion universe of financier Andrea Pignataro and is active in the management of non-performing loans, real estate, and services for institutional investors and banks. With the acquisition of ARECneprix, Prelios further expands its managed platform and strengthens its presence both in servicing and real estate asset management.
Prelios CEO Riccardo Serrini explained that the operation allows integrating “a platform with 6.4 billion euros of assets under management and distinctive skills in managing Npe portfolios and real estate.”
A BANK IN RESTRUCTURING
For Banca Ifis, the ARECneprix dossier represents above all another piece of the restructuring started after the acquisition of illimity. The first quarter numbers showed a less brilliant picture compared to the past: net profit fell from 47.3 to 31.3 million, operating costs increased, and margins weakened in the Npl business.
The integration of illimity has expanded the group’s perimeter but also increased complexity and costs. The bank’s top management explained that synergies will emerge mainly from 2027, once integration is complete.
In this context, the sale of activities considered non-strategic serves to streamline the structure and accelerate the group’s restructuring. The conclusion of the strategic review of the Npl business is also expected by the end of the year, the first step towards the new industrial plan scheduled for early 2027.
