- Banca Farmafactoring Spa
- 02 February 2026 12:28:58
Source: Sharecast
Massimiliano Belingheri is being replaced by Guiseppe Sica, who joined as chief financial officer in February 2025, after more than 12 years at the helm. Sica has been named general manager, rather than chief executive, but with the "full powers" previously held by Belingheri, BFF noted.
BFF added that Belingheri was stepping down to "ensure full cohesion and alignment with the board of directors and with the management team". He will continue to serve as a non-executive board member.
Belingheri said he was "proud" to have led BFF, and was "confident that [Sica] will lead the bank through this new phase of consolidation and growth".
Chair Ranieri de Marchis added that the board would support Sica to "build a new phase for BFF". The Milan-based group is due to present its new strategic plan in the second half.
The reshuffle coincided with a separate update from the bank, which specialises in factoring trade receivables due from public administrations as well as security services, banking and corporate payments.
It said it was booking €95m in one-off provisions for 2025, as it looked to de-risk the factoring portfolio, and cut financial targets for 2026. It now expects adjusted net income of €160m this year, compared to previous guidance for €240m.
It insisted, however, that the business "remains solid and profitable, and is expected to continue to deliver earnings growth and strong capital generation".
Financial accounts for 2024 were also restated, by around €14m, following a review of cash allocation in the factoring business, BFF confirmed.
As at 1130 GMT, the stock had tumbled 44%.