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© ANSA/AP
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
lenders 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.
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