 The scandal has led to criticism of Italian business practices |
Banco Popolare Italiana has finalised the sale of its 26% stake in Banca Antonveneta to Dutch bank ABN Amro, ending a controversial takeover tussle. The sale will give ABN Amro majority control of the Italian bank.
ABN Amro first unveiled its wish to buy Antonveneta in March, leading to Banco Popolare Italiana's (BPI) rival bid.
BPI's bid then collapsed after it was accused of collusion with the Italian central bank. BPI's former boss then quit and has since been arrested.
The scandal also caused the resignation of former Bank of Italy boss Antonio Fazio.
Both he and BPI's former chief executive Gianpiero Fiorani have denied any wrongdoing.
Shares frozen
The scandal first broke in the summer after Italian newspapers published what was claimed to be tape-recorded conversations between the two men.
BPI's shares in Antonveneta were subsequently frozen until last week.
It had agreed to sell them to ABN Amro back in September.
Its stake is said to be worth more than 2bn euros (�1.8bn), and the sale is expected to go through early in the New Year.
ABN Amro will become the first foreign bank to have a majority stake in an Italian lender.
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