Italy government approves rescue of Popolare di Bari bank: source

[ROME] An Italian cabinet meeting approved an emergency decree on Sunday night to bail out ailing cooperative lender Banca Popolare di Bari, a government source said.

The bank, the biggest lender in Italy's underdeveloped south, was placed under special administration by the Bank of Italy on Friday after its management said it urgently needed a capital injection of up to 1 billion euros (S$1.49 billion).

REUTERS