BNL/BBVA Fazio’s favouritism

What does a foreigner have to do to buy an Italian bank? Offering more money than anyone else is, apparently, not enough – at least if the Bank of Italy is determined to stand in the way. Take a look at the latest example of the Italian central bank’s favouritism. After having tried to frustrate ABN Amro’s bid for Antonveneta, Antonio Fazio, the central bank governor, has now put a road block in the way of BBVA’s E6.5bn bid for Banca Nazionale del Lavoro. Fazio has been subtle. He has given th...