Milan prosecutors to launch investigation into Banca Network

Italian prosecutors are discussing the possibility of launching an investigation into Banca Network Investimenti, the Italian bank put into administration in November 2011.

According to local press agencies, the investigation would be launched in Milan for bankruptcy fraud and for white collar crimes committed by the management which led to its insolvency.

Banca Network was created in 2003, as a spin off from Banca Popolare di Lodi.

At the end of May it suspended all payments to its 22,000 creditors, and its network of financial advisers was acquired by Modena-based asset manager Consultinvest.

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