The Bank of Italy said on Monday
that Intesa Sanpaolo had taken over the 'good' assets of two
insolvent lenders, Veneto Banca and Banca Popolare di Vicenza,
for a symbolic price of one euro.
The move prevents a disorderly failure of the medium-sized
banks and the rescue, which sees the new good banks stripped of
their non-performing loans, will require some 5.2 billion euros
in public money.
Intesa San Paolo said Monday that the deal safeguards jobs
and accounts.
There had been fears that some account-holders would lose
money if the two banks were forced into a bail-in.
But Intesa San Paolo also stressed that the contract to buy
the some of the activities of Popolare Vicenza and Veneto Banca
features a termination clause in the case that there are
problems with a government decree for the rescue of the banks.
The Bank of Italy said former Banca Popolare di Vicenza
Fabrizio Viola was among the liquidators of the two banks.
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