Former Bank of Italy governor sentenced
Antonio Fazio, the former governor of the Bank of Italy, has been sentenced to three-and-a-half years in jail over charges of rigging a 2005 takeover battle for Banca Nazionale del Lavoro.
The former governor, who resigned when the scandal was uncovered in 2005, was found guilty of favouring an Italian buyer, the insurer Unipol, over international competitors such as Spanish bank BBVA, in the takeover bidding process for Banca Nazionale del Lavoro. The Italian lender was eventually acquired by
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