Banca Nazionale del Lavoro


Also found in: Acronyms, Wikipedia.

Banca Nazionale del Lavoro

 

(National Bank of Labor), an Italian commercial bank, one of the ten largest banks in the world.

Founded in 1913 as a private bank with a capital of 7.5 million lire, the Banca Nazionale del Lavoro was originally called the Instituto Nazionale di Credito per la Cooperazione (National Credit Institution of Cooperation). The bank was acquired by the government the same year it was founded, and its capital was greatly expanded. The bank received its present name in 1929.

The Banca Nazionale del Lavoro supplies short-term credit to the major branches of industry, as well as to other banks and to such institutions as insurance companies and stock exchanges. It also grants medium-term and long-term credits through seven independent, specialized divisions. The bank has close connections with the major privately owned monopolies of the country and is a major source of capital for the world market. The bank’s administrative offices are in Rome.

As of 1973, the Banca Nazionale del Lavoro had 232 branches in Italy; branches in New York, London, and Madrid; and foreign representation in Paris, Frankfurt am Main, Brussels, Montreal, Singapore, Tokyo, Kuala Lumpur, Sydney, and a number of Latin American countries. The bank also owns a subsidiary bank in Zürich, a holding company in Luxembourg, and finance companies in Tokyo and the Netherlands Antilles. The bank’s total balance as of Jan. 1, 1973, was 18, 200 billion lire. Of this sum, 218 billion lire represented reserves; 9, 615 billion lire was held as deposits; and 7, 844 billion lire was outstanding through discounting and loan operations.

K. A. SHTROM

Mentioned in ?
References in periodicals archive ?
(1994), 'Confessions of a Chiffrephile', Banca Nazionale del Lavoro Quarterly Review, June, 123-85
The Board strongly opposes these provisions of the bill, as they remove many of the important protections that were considered necessary in the wake of the Banca Nazionale del Lavoro and Bank of Credit and Commerce International (BCCI) affairs and were included in FBSEA.
A Justice report on the Banca Nazionale del Lavoro's illegal deals with Iraq contains an addendum that notes:
When a Justice Department investigation of the Atlanta branch of the Banca Nazionale del Lavoro (BNL) uncovered more than $5 billion in loans to Iraq which had been partially underwritten by the Agriculture Department, Bush operatives pleaded ignorance.
The result was that despite some fine reporting, news of the sordid affair of Iraqgate and the Italian Banca Nazionale del Lavoro suffered from overstatements that enabled the Bush Administration to escape its responsibility for aiding Saddam Hussein.
An equally outrageous tale is unfolding in the United States regarding the prosecution of former officials of the Atlanta, Georgia branch of Italy's Banca Nazionale del Lavoro. They are charged with extending some $5bn of unauthorised credit to suppliers of military equipment to Iraq (including Matrix Churchill's subsidiary in Ohio) on the instigation of the Baghdad government.
Unfortunately, the Department of Justice has just indicted officials from the major money center in the Iraqi guarantee program-the Atlanta branch of Italy's largest bank, Banca Nazionale Del Lavoro (BNL)-charging that the bank was in on Iraq's scam.
This EUR600.7 million transaction is the second securitisation of personal loans originated by Banca Nazionale del Lavoro S.p.A.
The French bank operates in Italy through its subsidiary, Banca Nazionale del Lavoro (BNL).
Banca Nazionale del Lavoro SpA affirmed at A+/Negative/A-1
The agency said in a statement, on 21 September, that it was slashing its rating of Mediobanca, Findomestic Banca, Intesa Sanpaolo, Banca IMI, Banca Infrastrutture Innovazione e Sviluppo, Cassa di Risparmio in Bologna and Banca Nazionale del Lavoro (BNL) by one notch, capping them just above its rating of Italy's sovereign debt.