Reuters: Bankruptcy News: UPDATE 1-Italy puts Banca Pop Spoleto into administration

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UPDATE 1-Italy puts Banca Pop Spoleto into administration Feb 12th 2013, 16:10 Tue Feb 12, 2013 11:10am EST LONDON Feb 12 (Reuters) - Italy has appointed special administrators to run small cooperative lender Banca Popolare di Spoleto after a request from the country's central bank, the company said in a statement on Tuesday. The move was a result of the "negative outcome" of inspections conducted by the Bank of Italy, the statement said, giving no further details. Banca Popolare di Spoleto is a minnow, with a market capitalisation of around 74 million euros. However, scandal-hit lender Monte dei Paschi di Siena has a stake of 25.9 percent in the smaller company. The new administrators will be supervised by the Bank of Italy and act to put the business back on a stable footing as well as protecting its customers. The bank will continue to operate normally and customers will still be able to make withdrawals, the statement said. Shares in Banca Popolare di Spoleto were too volatile for trading to resume on Tuesday afternoon after the statement was released. Prices were indicated around 12.6 percent below the last trade price. (Writing by Keith Weir and Jessica Donati; Editing by Helen Massy-Beresford)

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