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Banco BPM denies any wrongdoing with regards to market rigging probe
January 13, 2017 / 7:44 PM / 9 months ago

Banco BPM denies any wrongdoing with regards to market rigging probe

MILAN, Jan 13 (Reuters) - Italy’s newly merged bank Banco BPM on Friday denied any wrongdoing after documents showed that Milan prosecutors were investigating possible market manipulation connected to the tie-up between BPM and Banco Popolare to create the new lender.

“Banco BPM, as well as Banco Popolare and BPM previously, have acted in full respect of the law and have given to the market and shareholders all due information,” the bank said in a statement.

The bank, Italy’s third largest, confirmed that prosecutors had opened a probe into alleged market manipulations.

Sources with direct knowledge of the matter had said Italy’s tax police seized documents on Friday as magistrates looked into allegations the banks failed to tell shareholders and investors ahead of the closing of the merger that the European Central Bank had raised objections over loan loss coverage levels at Banco Popolare.

Banco BPM said that tax police did not seized any documents as part of their probe. (Reporting by Francesca Landini)

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