A probe into banking group Unione di Banche Italiane (UBI)’s leasing and factoring units, UBI leasing and UBI Factor, has prompted a search of the offices of the banking group by the Italian financial police unit, the Guardia di Finanza.
Complaints filed in 2012 about the activity of the two units, as well as allegations aired in July 2013 of the existence of undisclosed investors’ agreements within the organisation were behind the search at the fifth largest banking group in Italy’s premises.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
In a press release issued about the raids, UBI said: "The Group is making every effort to provide maximum co-operation with the Guardia di Finanza."
According to reports, the offices of chief executive Victor Massiah and those of the chairman of the bank’s supervisory and management boards were among those searched.
Giovanni Bazoli, chairman of both the supervisory board of Intesa Sanpaolo and a steering committee of a UBI shareholder association, is also being investigated for alleged regulatory obstruction in relation to the latter post.
Bazoli told reporters at the Corriere della Sera he was "deeply surprised" at the enquiry, but added he "continued to respect" the judiciary.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
