illimity Bank S.p.A. announced that it has entered into a strategic alliance with new investor ION Investment Group Limited for private placement of 5,750,000 common shares at an issue price of €10 per share for gross proceeds of €57,500,000 on June 21, 2021. The investor will acquire 7.3% stake in the company. The company will issue warrants to subscribe additional 2,400,000 shares at a price of €12.5 per share between March to July 2022 for stake of 9.99%.

The transaction has been approved by the board of the directors of company and is subject to approval from extraordinary meeting of shareholders to be held on July 29, 2021.