World Library  
Flag as Inappropriate
Email this Article

Banca Nazionale del Lavoro

Article Id: WHEBN0008859951
Reproduction Date:

Title: Banca Nazionale del Lavoro  
Author: World Heritage Encyclopedia
Language: English
Subject: Banking in Italy, Banca delle Marche, BNP Paribas, Raffaele Cantoni, Banking in Eritrea
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Banca Nazionale del Lavoro

Banca Nazionale del Lavoro SpA (BNL) is an Italian bank with headquarters in Rome that has been a subsidiary of BNP Paribas since 2006.

History

Founded in 1913 as Istituto di Credito per la Cooperazione, it was nationalized in 1929. It was re-privatized and listed on the Milan Stock Exchange in 1998, before being acquired by French banking group BNP Paribas in 2006. As of November 2014, it is Italy's sixth largest bank.[1]

Banca Nazionale del Lavoro began Argentinian operations in 1960, ultimately opening 91 branches, before selling its operation there to HSBC Bank Argentina in 2006.

Scandals

The bank was involved in a major political scandal (dubbed Iraqgate by the media) when it was revealed in 1989 that the Atlanta, Georgia branch of the bank was making unauthorized loans of more than US$4.5 billion to Iraq. Many of the loans that the branch made were guaranteed by the United States Department of Agriculture's Commodity Credit Corporation program. The loans were originally intended to finance agricultural exports to Iraq, but were diverted by Iraq to buy weapons. The branch manager, Christopher Drogoul, indicated that the bank's headquarters office was aware of these loans, but senior bank official denied this. Drogoul pleaded guilty to three felony charges and served 33 months in federal prison.[2]

See also

References

  1. ^ http://www.bnlpositivity.it/en/azienda/bnp-paribas.html
  2. ^ "Lone Wolf Or a Pack of Lies?". TIME Magazine. 26 October 1992. Retrieved 8 May 2012. 

External links

  • Official website (Italian)
  • Transcript of U.S. Rep. Henry Gonzalez hearing on BNL connection to purchase of dual use equipment by Saddam Hussein


This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.