** Shares in Azimut Holding 
AZM fall about 14.5% after the Bank of Italy conducted an inspection at the Italian asset manager’s unit
** Bank of Italy’s review found “significant governance and organizational shortcomings” at Azimut Capital Management SGR, asking the company to come up with a plan to fix them, Azimut says in a note published upon request from the Italian financial market watchdog Consob
** “These further clarifications are elements that make the timing of the TNB spin-off less clear, which was expected in Q1 2026 to give full effect to the operation,” brokerage Intermonte says
** Azimut signed earlier in the year a deal with domestic private equity fund FSI to create a fintech bank named TNB
** Banca Akros echoes the stance, saying this adds uncertainty on TNB closing timeline, although the company does not expect any impact on it and its income statement
** The stock is on track for its worst day since mid-March 2020