Italy, EU Race to Find Solution for Two Troubled Banks
- Finance minister says matter worked on ‘actively,’ no details
- Intesa may buy ‘good Veneto banks’ after spinoff: La Stampa
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Italian finance officials and the European Commission are racing to find a solution for two troubled banks in the northern Veneto region that have weighed on the nation’s financial system.
Finance Minister Pier Carlo Padoan said Sunday the matter of Veneto Banca SpA and Banca Popolare di Vicenza SpA is being worked on “actively,” without offering details. The European Commission is working “hand in hand” with Italian authorities and Europe’s Single Supervisory Mechanism, and is making “good progress” on reaching a solution within the bloc’s rules, it said in a statement on Monday.