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Bank Of Italy Resigns Over Takeover Bids

This article appears courtesy of Institutional Investor


Antonio Fazio , governor of the Bank Of Italy, has resigned following accusations that he favored a takeover bid from Banca Poplare Italiana for Banca Antonveneta over one from Dutch ABN Amro. Financial News reports, however, that Fazio had to resign or face being forcibly removed from office in what is was terms "an extraordinary meeting" by the Consiglio Superiore, the Bank of Italy's overseeing body. Fazio reportedlty was under criminal investigation for his actions related to the takeover.

In a related matter, former Pop Italian CEO Gianpiero Fiorani, who is said to have given Fazio $60,000 worth of gifts, was arrested last week for alleged market abuses related to Banco Antonveneta takeover.

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