Bank of Italy takes over Libyan controlled bank

March 14, 2011
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, MILAN, Mar 14 – The Bank of Italy said Monday it has taken temporary command of Banca UBAE SpA, a Rome-based bank controlled by Libya\’s Central Bank, as part of EU sanctions on Moamer Kadhafi\’s regime.

The Central Bank (BCL) and the Libyan Foreign Bank (LFB) have majority stakes in the Italian trade-financing bank. The move will not prevent the UBAE from carrying out its normal activities, the Bank of Italy said in a statement.

The measures follow Italy\’s decision on March 5 to freeze Libyan assets as part of a wider European move. The European Union has ordered asset freezes and visa bans against the Libyan leader and 25 other associates.

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