Italy’s Banca Network goes into liquidation

The Bank of Italy has given its green light to the liquidation process of troubled Italian lender Banca Network, which has been in administration since November 2011.

Roberto Pincione and Giuseppe Santoni have been called to manage the process, which will unfreeze more than 28000 current accounts.

Banca Network suspended payments to all creditors at the end of May.

Payments  are expected to reume over the next days through the ‘Fondo Interbancario di Tutela dei Depositi’ fund, with transfers up to €100,000 for each creditor.

The same fund will also support the former employees who lost their role following the administration process, now entitled to economic compensation and pension benefits.

Over the last weeks, several financial advisers left Banca Network to join competitor firms.

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