The Central Bank of the Republic of San Marino (CBSM) published a rebuttal of a “To whom it may concern” communication circulated by San Marino Group S.r.l. (SMG), denying the reconstruction of events and correcting what it describes as the “main and most serious” statements about the supervisor’s role in SMG’s attempted acquisition of Banca di San Marino. CBSM said it would not comment on confidential matters or ongoing proceedings. CBSM denied that it explicitly required the creation of a San Marino acquisition vehicle, and rejected any suggestion of involvement by its President, Catia Tomasetti. It also said SMG’s claim that it had provided CBSM with all related contracts, including an alleged EUR 500,000 contract with IBC, was false, stating that the only contract received concerned an agreement with Ente Cassa Faetano linked to the acquisition. CBSM further disputed SMG’s portrayal of summer 2025 interactions as driven by “media pressure” and focused on German Varengold Bank, stating that the exchanges concerned multiple aspects of the submitted documentation and that the Varengold-related review was required to assess the group’s capacity to ensure the sound and prudent management of a banking intermediary. The supervisor also rejected claims that no concerns were raised before September 2025, pointing to documentation and exchanges during July–September 2025, and denied providing any assurance of “preferential” treatment or institutional support. On the reasons for non-approval, CBSM said the reputational requirement is assessed on all information available at the time of decision and, in acquisitions of control, is decisive, adding that the requirement was not met in this case. It also called unfounded SMG’s assertions about an institutional plan to address liquidity by withholding funds from the Starcom group, stating that Banca di San Marino has no liquidity problem and that seized sums are transferred to Judicial Authority accounts at CBSM under law. CBSM requested that SMG immediately rectify its letter and said it reserved the right to pursue protection in appropriate venues.
Central Bank of San Marino 2026-02-17
Central Bank of the Republic of San Marino rejects San Marino Group’s account of the Banca di San Marino acquisition process and demands an immediate correction
The Central Bank of the Republic of San Marino (CBSM) refuted claims by San Marino Group S.r.l. (SMG) about its role in SMG's attempted acquisition of Banca di San Marino, denying involvement in creating an acquisition vehicle and rejecting assertions about contract submissions. CBSM clarified that its review of SMG's documentation was comprehensive and not influenced by media pressure, emphasizing that reputational requirements were unmet, leading to non-approval. CBSM dismissed allegations of liquidity issues at Banca di San Marino and reserved the right to seek legal recourse.