Bank of Italy orders Italease managers to resign

Two senior managers of Banca Italease SpA, a Milan-based leasing company, have been ordered by the Bank of Italy to resign. The central bank said that the company needs to raise capital after it had to spend € 610m ($843m) on unwinding derivatives bets that went wrong.

Italease said that its board would "take every necessary step to comply with the requests in a timely fashion." The central bank said that it must call an assembly within ten days to elect a new board.

The central bank has banned

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