Italian asset manager Azimut Holding has extended its agreement with private equity fund FSI to develop its planned fintech bank, pushing the deadline to June 2026, according to Reuters.
The project, known as TNB, was previously set to lapse at the end of December 2025. Under the revised terms, the binding agreement now runs until June 20, 2026, with the option to extend further to December 20, should additional time be required.
Azimut has said it expects to receive regulatory approval in the second quarter of 2026. The timeline follows a review by Italy’s banking supervisor, the Bank of Italy, which identified governance and organisational weaknesses at one of the group’s units.
The decision to extend the agreement signals that the partners are allowing more time to address supervisory concerns before the transaction can be finalised. It also reflects the increasing scrutiny facing new banking and fintech initiatives in Italy, as regulators place greater emphasis on governance structures and operational resilience.
While Azimut has not changed its expectations that the deal will ultimately close in 2026, the revised schedule underlines the regulatory complexity involved in launching a new digital-first bank within the euro area. For policymakers and market participants, the case highlights how national supervisory processes can shape the pace of fintech expansion, even as Europe pushes for more innovation in financial services.
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