Financial news

Italy govt approves rescue of Popolare di Bari bank

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Via Yahoo Finance

ROME (Reuters) – An Italian cabinet meeting approved an emergency decree on Sunday night to bail out ailing cooperative lender Banca Popolare di Bari, a government source said.

The bank, the biggest lender in Italy’s underdeveloped south, was placed under special administration by the Bank of Italy on Friday after its management said it urgently needed a capital injection of up to 1 billion euros (857.37 million pounds).

(Reporting by Giuseppe Fonte, writing by Silvia Aloisi)

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