Italian police seize $54M in bank probe

Feb 6, 2013 - 20:22
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Italian police seize $54M in bank probe
People are reflected in the window of a Monte Dei Paschi Di Siena bank in Rome January 29, 2013. REUTERS/Max Rossi

Italian financial police are carrying out seizures of a total of (EURO)40 million ($54 million) as part of an investigation into embattled bank Monte dei Paschi di Sienna.

Italian news agencies say Siena prosecutors ordered the seizures Wednesday.

Prosecutors in Siena have been questioning former managers in recent days over allegations that the bank overpaid for the Italian bank Antonveneta, which it purchased for euro9.3 billion from Spanish bank Santander in 2007. The bank, informally known as Montepaschi, also is being investigated for three trades that are expected to cost it hundreds of millions of euros.

Established in 1472, the bank is the world's oldest running financial institution. Its board met for six hours Wednesday but ended the session without releasing a statement.

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Mike Gallagher Mike Gallagher is a Georgia-based freelance journalist covering local news, community developments, and regional issues that matter most to residents across the state. Writing for Georgianewsday.com since 2016, Mike has built a reputation for clear, balanced reporting and a strong connection to the communities he serves. His work spans city council decisions, school board updates, small business features, public safety reports, and statewide policy changes. In addition to local coverage, Mike occasionally reports on state politics and national headlines, offering readers context on how broader decisions impact Georgia communities. Known for his steady, fact-driven approach, Mike prioritizes accuracy, fairness, and accessibility in every story. Whether covering a town hall meeting or breaking political developments, he aims to inform readers with clarity and integrity. Outside the newsroom, Mike remains actively engaged in Georgia’s civic landscape, always seeking the next story that shapes the state’s future.