The European Commission is to initiate a legal action against the Bank of Italy, the custodian of the Italian financial services sector, as a result of accusations that it illegally blocked takeover bids for Italian banks from foreign lenders.
Internal market commissioner Charlie McCreevy announced the action, which will probably start next month. I have not signed the letter yet but I expect to do so before Christmas for the start of proceedings against the Italian central bank, Mr McCreevy told Reuters.
The commission’s move follows the recent high profile case of ABN Amro’s takeover of Italian bank Antonveneta, which was initially prevented when Bank of Italy governor Antonio Fazio allegedly blocked the attempt because he favored an alternative merger with another Italian bank. Mr Fazio denies the charges.
The deal has already been investigated by the authorities in Italy, enabling ABN Amro to ultimately succeed in its bid for a majority stake in Banca Atonveneta when rival Banca Popolare Italiana was forced to withdraw. However Mr Fazio’s role in the saga attracted heavy criticism.
In another potentially relevant case, Spanish bank Banco Bilbao Vizcaya Argentaria lost in the bidding for Banca Nazionale del Lavoro of Rome to Italian insurer Compagnia Assicuratrice Unipol.