Banca Italease restructures after EUR686 million derivatives loss
Banca Italease is to reorganise its risk management and control processes following the announcement of a net loss of EUR686 million from its derivatives business.
The Milan-based bank attributed the losses to inadequate controls for evaluating risks and monitoring its derivatives portfolio. It is consequently undergoing an internal review of its liabilities and risks and will adopt directives for derivatives trading. The bank also plans to replenish its capital through a rights issue for a
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