Cirdan Group S.p.A. under compulsory administrative liquidation

28 May 2026

On 25 May 2026, the Minister of Economy and Finance, upon a proposal by Banca d'Italia, ordered the compulsory administrative liquidation of Cirdan Group S.p.A. ('Cirdan') - the ultimate holding company, headquartered in Milan, of the Smart Bank group - which was already under special administration.

On 26 May 2026, Banca d'Italia appointed Professor Giustino Di Cecco and Dr Maria Rita Schiera as liquidators, and Dr Maria Elisabetta Contino, Dr Andrea Di Cesare and Professor Vincenzo Donativi as members of the oversight committee.

The liquidators and the oversight committee took office today, 28 May 2026.

The subsidiary bank Smart Bank S.p.A., currently under special administration, continues its operations regularly under the management of the special administrators and remains subject to Banca d'Italia supervision. All banking transactions will continue without interruption and without consequences for customers and depositors.