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.
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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.
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