A judge in Milan yesterday suspended from office the chief executive of Banca Popolare Italiana (BPI) as part of continuing investigations into the takeover battle for Italy's Banca Antonveneta between BPI and ABN Amro, the Dutch bank.
The decision is the latest twist in a tale that has called into question the openness of the Italian banking system and led to calls for the resignation of Antonio Fazio, the governor of the Bank of Italy. Mr Fazio, who oversees all takeovers, has historically been opposed to foreign banks buying Italian ones and was recently taped by investigating prosecutors holding conversations on the takeover with Gianpiero Fiorani, BPI's chief executive.
Mr Fiorani was suspended from his post by a judge who, at the same time, confirmed a decision to freeze the shareholdings in Antonveneta held by BPI and its allies. BPI has been locked in a bitter dispute for Antonveneta with ABN Amro of the Netherlands. BPI had no immediate comment last night.
The judge also suspended from their jobs Emilio Gnutti and Stefano Ricucci, two prominent businessmen who have acquired Antonveneta shares alongside BPI's side in the fight. - (Financial Times Service)
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