May 30, 2012 / 12:52 PM / in 6 years

Italy court acquits ex-Bank of Italy chief in BNL case

MILAN, May 30 (Reuters) - A Milan appeals court acquitted former Bank of Italy governor Antonio Fazio from market-rigging charges on Wednesday over his role in a 2005 cross-border takeover battle for local lender Banca Nazionale del Lavoro (BNL).

A lower court had sentenced Fazio to three years and six months in the case, centred around the financial battle over BNL between mid-sized local insurer Unipol and Spanish bank heavyweight BBVA.

In a separate appeals trial on Monday also relating to a 2005 cross-border takeover row, Fazio was sentenced to two-and-a-half years in jail for trying to thwart a foreign takeover of local lender Banca Antonveneta in 2005.

BNL is now part of France’s BNP Paribas

Reporting by Valentina Za

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