diff --git a/account_banking/sepa/iban.py b/account_banking/sepa/iban.py
index eba743475..6ed5d06c5 100644
--- a/account_banking/sepa/iban.py
+++ b/account_banking/sepa/iban.py
@@ -219,7 +219,7 @@ class IBAN(str):
         # Iceland uses an extra identification number, split in two on
         # display. Coded here as %P%V.
         'IS': BBANFormat('CCCCTTAAAAAAPPPPPPVVVV', '%C-%T-%A-%P-%V'),
-        'IT': BBANFormat('WBBBBBCCCCCCAAAAAAAAAAAAV', '%W/%B/%C/%A%V'),
+        'IT': BBANFormat('WBBBBBCCCCCAAAAAAAAAAAA', '%W/%B/%C/%A'),
         'LV': BBANFormat('BBBBAAAAAAAAAAAAA', '%I'),
         'LI': BBANFormat('CCCCCAAAAAAAAAAAA', '%C %A', nolz=True),
         'LT': BBANFormat('BBBBBAAAAAAAAAAA', '%I'),
@@ -267,11 +267,12 @@ class IBAN(str):
         in 'C' implemented class, this can't be done in __init__.
         '''
         init = ''
-        for item in arg.upper():
-            if item.isalnum():
-                init += item
-            elif item not in ' \t.-':
-                raise ValueError, 'Invalid chars found in IBAN number'
+        if arg:
+            for item in arg.upper():
+                if item.isalnum():
+                    init += item
+                elif item not in ' \t.-':
+                    raise ValueError, 'Invalid chars found in IBAN number'
         return str.__new__(cls, init)
 
     def __init__(self, *args, **kwargs):