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3 months ago
Italy watchdog fines Pop Vicenza over alleged misconduct of former top management
May 3, 2017 / 12:34 PM / 3 months ago

Italy watchdog fines Pop Vicenza over alleged misconduct of former top management

MILAN, May 3 (Reuters) - Italian market watchdog Consob said it had fined ailing regional lender Banca Popolare di Vicenza 9.14 million euros ($10 million) due to the alleged misconduct of its top management between April 2011 and April 2015.

Consob said in a statement the measures targeted the bank's board and auditors in charge at the time, who would be banned from holding office in listed companies for a total of 76 months.

Popolare di Vicenza and rival Veneto Banca have requested state aid to avoid being wound down only a year after being rescued by state-sponsored, privately-funded bank bailout fund Atlante.

Small shareholders in both unlisted banks have seen their investment all but wiped out. Former top executives are under probe by magistrates for alleged market manipulation and obstruction of regulators.

"Following an inspection between April 2014 and May 2015, Consob ascertained that the bank violated rules over conduct towards clients, sale of products to the public and corporate information.

The misconduct appears to stem from decisions ... taken at the bank's top echelons." ($1 = 0.9161 euros) (Reporting by Valentina Za)

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