Carlo Alberto Carnevale Maffè
Bankitalia orders extraordinary administration for Smart Bank and the Cirdan group, trouble for the fintech chaired by the economist Carnevale Maffè
Crisis for Smart Banka branchless fintech investment bank with an office in Milan, which received its banking license in Italy in autumn 2022 established by Cirdan Groupan investment group founded in 2014 by the majority shareholder and CEO Antonio De Negriex Citigroup in Milan, which then moved to London in Barclays where he worked in investment banking.
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In fact, the Bank of Italy has ordered the dissolution of the boards of directors of Smart Bank and the parent company Cirdan Group, which have been subjected to extraordinary administration pursuant to article 70 of the Consolidated Banking Act (“serious irregularities”). Smart Bank was chaired by Carlo Alberto Carnevale Maffè strategy teacher at the School of Business Management of Bocconi University.
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“In the exercise of supervisory action, the Bank of Italy – we read in the note Cirdan Group e Smart Bank – adopted an early intervention measure against Cirdan Group (headquartered in Milan) and Smart Bank (headquartered in Naples), belonging to the Smart Bank banking group, with the aim of ensuring adequate monitoring of the operations of the group and to restore conditions of sound and prudent management. Cirdan Group and Smart Bank continue their business and, therefore, customers and depositors can continue to operate with the usual confidence”. The extraordinary administration was entrusted by Bank of Italy a Enrico Ajello e Andrea Guaccero as commissioners of Cirdan Group and Smart Bank respectively.
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Cirdan had started its business in issuing structured investment products for institutional or professional clients such as family offices, wealth managers and private bankers. It was among the first companies in Europe to obtain the benchmark administrator license from ESMA, meaning they can build certificates on proprietary indices built on measures based on the requests of large institutional investors. And last year Cirdan entered the deposit account arena with Smart Bankwhich offers a range of deposit accounts and is working on direct indexing investment products that target retail.
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Just in the past few days Smart Bank had relaunched deposit accounts at increasing rates by proposing a new five-year step up version with incremental fixed interests of up to 8.25%. A choice dictated by the feedback received from the previous edition, the one launched in mid-November which proposed a gross rate of 4.5% for the first year, 5% for the second year, 6% for the third year, 7% for the fourth year and 8% for the fifth .
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