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State-appointed commissioners take control of Banche Marche

Italian economy ministry announces removal of bank's management

25 October, 19:28
State-appointed commissioners take control of Banche Marche (ANSA) - Jesi, October 25 - The Italian economy ministry on Friday announced it has ordered the replacement of management at troubled Italian lender Banca Marche by state-appointed commissioners.

The dissolution of the Banca Marche's management comes after a temporary, two-month suspension ordered by the Bank of Italy in August.

The economy ministry said the definitive removal of Banca Marche's administration comes on the recommendation of the Italian central bank, which has also nominated the bank's state-appointed commissioners.

Two of them, Federico Terrinoni and Giuseppe Feliziani, have been working to salvage the bank since August 27.

The ministry said the new maneuver was necessary in order to carry out the necessary measures to restore finances at the banking group, including capital reinforcement in the coming months.

The Banca Marche will continue normal operations as it undergoes restructuring.

The retail bank has roughly 3,000 employees and over 300 branches located throughout northeastern and central Italy, according to its website.