BREAKING NEWS

Italy signs off €900m rescue package for ailing bank Popolare di Bari

By REUTERS

DECEMBER 16, 2019 01:33

Italy's government approved late on Sunday an emergency decree granting a lifeline of up to 900 million euros ($992 million) to cooperative bank Popolare di Bari, in the latest state bailout of an ailing lender.

The bank, which said last week it needed an urgent injection of up to 1 billion euros, has struggled to cope with mounting loan losses during a slump that has devastated Italy's economy, notably in Popolare di Bari's home region in the south.

It was placed under special administration by the Bank of Italy on Friday.

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