Bank of Italy to close eurozone branches

The Paris, Brussels and Frankfurt branches of the Bank of Italy will shut by the end of this year.

Mario Draghi, the governor of the central bank, announced the closures - part of wider reorganisation of the central bank's branch network - at the annual shareholders' meeting on Saturday.

"The reorganization of our branch network will begin in September," Draghi said. "Financial centres of the euro area; they will be closed by the end of this year."

"In the framework of increasing EU integrati