November 9, 2017 / 11:16 AM / in a month

Italy watchdog says received no information on Veneto banks mis-selling probe before 2015

ROME, Nov 9 (Reuters) - Italy’s market regulator said on Thursday it received no information from the Bank of Italy about a probe into mis-selling of shares by two failed banks in the Veneto region before 2015.

Watchdog Consob received no information about the practice at Veneto Banca before 2015, and never received any information about it regarding fellow regional bank Popolare di Vicenza, Consob Director General Angelo Apponi said.

Apponi was speaking before a parliamentary commission set up to investigate banking crises that have cost the government more than 20 billion euros ($23.2 billion) in rescue costs this year.

The mis-selling scandal, along with a spike in bad loans, caused a capital hole at the two Veneto banks which prompted the state to step in to wind them up in June.

$1 = 0.8613 euros Reporting by Stefano Bernabei, writing by Isla Binnie

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