Italian court revokes judicial administration of Oaktree-owned Banca Progetto
MILAN, July 24 (Reuters) - An Italian court on Thursday revoked the judicial administration of Banca Progetto, a small Italian bank owned by investment firm Oaktree, a ruling by the Milan court of preventive measures shows.
The bank was placed under court administration in October 2024 for allegedly lending money to a person arrested under mafia charges.
According to a 21-page ruling, reviewed by Reuters, Milan judges ruled that the bank, with the cooperation of the judicial administrator, had complied with all the court's requests.
"To date, the company has successfully completed all the steps outlined in the compliance project and has achieved full and complete autonomy," the ruling stated.
In March, the Bank of Italy separately placed Banca Progetto under special administration and appointed independent administrators to run it.
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