The story
The bank originated from @Imiweb Sim, that Imi Bank started in 1999 as a trading service for its customers. In 2001 it became a bank with the name of Imiweb Bank.
In 2003 Centrobanca (BPU Group investment bank) took over 80% of Imiweb Bank, changing the name in IWBank and achieving an even balance.
The management acquired a 29% stake in 2004 and the offer was extended.
From Wikipedia’s article on IWBank, shared under CC BY-SA 4.0.4