Italian bank BFF Bank (BFF.MI), opens new tab on Monday said Chief Executive Massimiliano Belingheri was stepping down as the lender booked bad loan provisions, restated past earnings and cut its 2026 targets.
Shares in the specialist bank failed to start trading at open on the Milan bourse with indicative prices pointing to a potential loss of almost 30%.
The bank, which specialises in buying companies' credits towards the public administration, said it was booking 95 million euros ($113 million) in provisions for 2025.
It cited negative court rulings over invoices towards the public administration it has bought from clients, adding virtually all of the cases were still under appeal and that it retained the right to return the claims to the clients if the final court verdict was negative.
It also restated its 2024 financial accounts after a review of cash allocation in its factoring business.
BFF lowered its 2026 financial targets, guiding for an adjusted net income of 160 million euros from a previous target of 240 million euros. The lender, which will present its new strategic plan in the second half of 2026, said it had appointed finance chief Giuseppe Sica as general manager with full powers previously held by Belingheri.
