(Finance) – Bank of Italy he arranged it dissolution of bodies with administrative and control functions Of Cirdan Group SpA and Smart Bank SpA with headquarters, respectively, in Milan and Naples, and the submission of the same to extraordinary administration procedure.
Smart Bank is a digital investment bank that is part of Cirdan Group, a group of companies specialized in providing tailor-made investment solutions, active since 2014 and founded by Antonio De Negri. The company is led by De Negri himself, with a past in Citigroup and Barclays, and chaired by Carlo Alberto Carnevale Maffèprofessor at Bocconi University.
The measure, taken pursuant to articles. 70, paragraph 1 and 98, paragraphs 1 and 2, of the Consolidated Law on banking and credit matters (TUB), has the objective of “ensuring adequate supervision of the group’s operations and restore conditions of healthy and prudent management“, we read in a note.
Enrico Ajello and Andrea Guaccero were also nominated Extraordinary commissioners; Maria Rita Schiera, Vincenzo Donativi and Andrea Di Cesare as members of the Supervisory Committee.
Cirdan Group SpA and Smart Bank SpA “continue their business” and “customers and depositors can continue to trade with their usual confidence,” they said in a statement.
Meanwhile, Cirdan Capital Management and its subsidiary SmartETN they provided reassurances on their involvement, specifying that: they are not part of Cirdan Group SpA or Smart Bank SpA; are not subject or impacted by the aforementioned provisions administrative; are wholly owned by Cirdan International Inc. (parent company, registered in Delaware, USA); are and will continue to operate as separate businesses as usual.
In recent weeks Smart Bank had been very active commercially in terms of deposit accounts, and on 21 December he proposed a new version of 5-year step up fixed deposit accounts with incremental fixed interests of up to 8.25%. A choice, the bank explained, dictated by the excellent response the instrument received in December.