2011 was an important year, one of the most challenging in our history. A year in which the Bank once again achieved excellent results.

The year just ended was a terrible one for the world, marked by uncertainty and volatility, in which until December the swirl of rumours created uncertainty and alarmism rather than being reassuring.

However, we at Banca IFIS have always believed in one thing: in the Euro, in Italy, in its entrepreneurial backbone. And we have always been committed to supporting companies by creating value from good ideas and hard work.

Thanks also to the merger with the newly acquired Toscana Finanza, the whole Group finds itself strengthened at a strategic and commercial level and in terms of its local presence.

The company’s stock, listed on the Star segment of Borsa Italiana, had a lacklustre performance, but we still believe that it does not reflect the value and income, equity and financial potential of the Group.

As for the future, we are among those who are optimistic about Italy, who think that every risk entails an opportunity and that, therefore, it is necessary to remain clear-headed, proactive and determined lest the challenges ahead catch us unprepared.