Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Former Bank of Italy Governor Sentenced for Failed BNL Takeover

Oct. 31 (Bloomberg) -- Former Bank of Italy Governor Antonio Fazio and ex-Unipol Gruppo Finanziario SpA Chairman Giovanni Consorte were sentenced to more than three years in jail for their involvement in a failed takeover of lender Banca Nazionale del Lavoro SpA.

Fazio was sentenced to three years and six months by a Milan court today, while Consorte was sentenced to three years and 10 months, lawyers for the two said in telephone interviews.

“We are disappointed about the verdict, which we consider unfair,” said Franco Coppi, a member of Fazio’s defense team. Consorte’s lawyer, Filippo Sgubbi, said he was “bitterly surprised” and would appeal.

Prosecutors said Fazio acted improperly in helping Bologna-based Unipol, Italy’s third-biggest insurer, gather stock in its $6.1 billion bid for BNL. The Bank of Italy in 2006 blocked the bid amid a probe of the acquisition. That same year BNL was taken over by French lender BNP Paribas SA.

Banco Bilbao Vizcaya Argentaria SA, a Spanish lender and a rival bidder, was awarded 15 million euros ($21 million) in damages, newswire Ansa reported, citing the court. Unipol was given a 720,000-euro fine, Ansa said. Unipol didn’t respond to three phone calls from Bloomberg News seeking comment.

Deutsche Bank AG managers, who had also been investigated, were cleared by the court. “No market manipulation was found,” the German bank said today in an e-mailed statement.

To contact the reporters on this story: Alessandra Migliaccio in Rome at; Chiara Vasarri in Milan at

To contact the editor responsible for this story: Will Kennedy at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.