The purported crimes, committed between 2008 and 2012 and pivotal to a scandal
that has rocked BMPS given 2013, regard fake accounting, share manipulation
and interference regulators from Consob, Italy’s batch sell watchdog.
The review focuses on derivatives trades called Santorini and
Alexandria, conducted with Deutsche Bank and Nomura respectively to hide
losses homogeneous to dual billion euros ($2.2 billion).
The hearing comes during a quite wily time for a oldest bank in the
world — BMPS was founded in 1472 — as it is in a routine of offloading 9.2
billion euros in non-performing resources and is urgently seeking new collateral of
up 5 billion euros.
Deemed a diseased couple in Italy’s banking system, BMPS came final in EU bank
stress tests in July.
Since a start of a year, a bank’s share cost has forsaken some 76
On Sep 14 it named a new arch executive and announced the
resignation of a authority as partial of a vital government shake-up.
In 2014, Mussari and Vigni appealed opposite philosophy and jail terms
handed down in propinquity a derivatives affair.
Article source: https://www.thelocal.it/20161002/top-ex-bankers-indicted-in-italy-over-derivatives-scandal