Finance
Oaktree’s Banca Progetto Under Bank of Italy Administration
A Banco Progetto branch in Verona.
Source: Google Maps
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The Bank of Italy has started a special administration procedure for Oaktree Capital Management LP’s Banca Progetto SpA and appointed independent managers to run its operations.
Regulators adopted an “early intervention measure” aimed at “ensuring adequate supervision” as well as “restoring conditions of sound and prudent management,” the lender said in a statement late on Friday. The measure, which removed the bank’s board, could lead to a restructuring or to a winding up of the bank.