The Bank of Italy announced that the Minister of Economy and Finance, acting on the central bank’s proposal, has ordered the compulsory administrative liquidation of Cirdan Group S.p.A., the Milan-based ultimate holding company of the Smart Bank group. Cirdan had already been under special administration. Smart Bank S.p.A., the group’s subsidiary bank, remains under special administration, continues to operate normally, and stays subject to Bank of Italy supervision. On 26 May, the Bank of Italy appointed two liquidators and a three-member oversight committee for Cirdan, and both bodies took office on 28 May 2026. The update states that banking transactions at Smart Bank will continue without interruption and without consequences for customers and depositors.
Bank of Italy2026-05-28
Bank of Italy announces compulsory administrative liquidation of Cirdan Group while Smart Bank continues operating under special administration
The Bank of Italy announced that the Minister of Economy and Finance, on its proposal, has ordered the compulsory administrative liquidation of Cirdan Group S.p.A., the Milan-based holding company of the Smart Bank group. On 26 May, the Bank of Italy appointed two liquidators and a three-member oversight committee for Cirdan, which took office on 28 May 2026. Smart Bank S.p.A. remains under special administration, continues to operate normally, and remains under Bank of Italy supervision, with banking transactions proceeding without interruption.