Cofiri’s risk transformation

Cofiri, once the financial arm of the state-owned IRI group, is now privatised and fast becoming a force in Italian investment banking. It has been sorting out its risk management as it prepares to take the next step and apply for a full banking licence. Naomi Humphries reports

In the past two years, Cofiri has transformed itself from the financial arm of former public-sector conglomerate IRI into a dynamic and innovative investment banking group. Antonio Nervi, chief executive officer of Cofiri SIM, its investment bank and brokerage arm, says the firm aims to become one of the principal Italian investment banks serving corporates, individuals and central and local governments. It intends to apply for a full banking licence by the end of the year, but the