Bank of Italy increases authorisation limit for stake purchase.
Global Banking News - 18 May 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Bank of Italy has said that a European rule on regulating the acquisition of stakes in domestic banks is already effective in Italy though it was yet to be ratified by the Italian Parliament, Dow Jones has reported.
According to the ruling, buyers of stakes in banks need to have a preliminary approval from national central banks if they want to control a 10 percent or more stake, Bank of Italy said, adding that the previous limit was five percent. The Italian central bank also said that potential buyers of stakes that can influence the governance or control the bank need preliminary authorisation as well.
Currently, French giant Credit Agricole (ACA.FR) (CAGR.PA) has a 5.8 percent stake in Italy's largest retail bank Intesa Sanpaolo (ISE: ISP) (ISP.MI) and the Libyan government has around a five percent stake of UniCredit SpA (CRDI.MI) (CRDI.F) (CRDI.WA) (LSE: UNC).
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|Publication:||Global Banking News (GBN)|
|Date:||May 18, 2009|
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