Deals
Italy to Shield Senior Creditors in Liquidating Veneto Banks
- Cabinet to meet after ECB says two lenders to be wound down
- Intesa may absorb Vicenza, Veneto Banca assets for token price
A customer uses an automated teller machine (ATM) at a Veneto Banca SpA bank branch in Rome, Italy.
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
Italy will take the next step to wind down two failed banks in the northern Veneto region when the government meets to adopt a plan that may smooth the sale of the stricken lenders’ assets to another firm.
The Finance Ministry said late on Friday that all measures would be taken to ensure that senior creditors and depositors of Banca Popolare di Vicenza SpA and Veneto Banca SpA would be protected in a wind-down under the national insolvency law, and customers would see no interruption in service.