Italease’s main shareholder, has stepped down after the collapse of
a proposed joint venture with German leasing company VR
Leasing.
The news that Fabio Innocenti, Banco Popolare’s ceo, has left
the company, came only a few days after the Italian bank’s shares
plunged – dropping by two-thirds since the beginning of the
year – because of increasing concerns about the costs of
supporting its loss-making leasing subsidiary.
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After the announcement, Italian newspapers have said that
Innocenti has become the first “major Italian casualty”
of the financial crisis.
Innocenzi will be replaced by Pier Francesco Saviotti, vice
president for Europe at Merrill Lynch.
Banco Popolare owns around 30 percent of Italease.
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