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Bank Of Italy May Face EU Probe Over Blocked Merger

by Ulrika Lomas, for LawAndTax-News.com, Brussels

28 November 2005


It is expected that the European Commission will launch legal action against the Bank of Italy, following Dutch bank ABN Amro's allegations that it sought to prevent its bid for Atonveneta.

According to ABN Amro, the Bank of Italy sought instead to promote a merger between the Italian lender and Banca Popolare Italiana.

Bank of Italy governor, Antonio Fazio has faced down calls to resign, with critics suggesting that he abused his position in order to prevent the cross-border merger.

The EC is likely to take the Bank and the Italian authorities to task for breaking European rules on the free movement of capital and the freedom of businesses to operate in member states other than their own.

TAGS: Italy

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