ECB orders Banca Popolare di Vicenza and another Italian bank closed

ECB declares the two banks as likely to fail

Banca Popolare di Vicenza and sister bank Veneto Banco SpA are likely to fail and will be wound up, the ECB says. Single Resolution Board declined to step in so instead Italy insolvency procedures will be used to liquidate their assets. Depositors are protected.

Banca Popolare di Vicenza has been in operation since 1866.

That's not a good sign for Monte Paschi.