BANK CLOSES ITS DOORS
The Italian Bank, Ltd., Argyll Street, Glasgow, was not opened for business 'on December 29 and it was officially stated that the bank had asked the authorities to appoint a liquidator.
This has been necessitated, it was stated, owing to the Italian laws enforced since November, 1935, whereby all balances held in that country by foreign banks had been blocked. The management made it known that its present difficulties are due to the fact that funds owing to the bank by correspondents in Italy have been “frozen” there.
It is hoped that the creditors will be paid in full when exchange restrictions are relaxed.
The Italian Consulate at Glasgow stated that the bank was not an Italian State-controlled institution, but was a banking house registered in Britain in the ordinary way. According to official records, the authorised capital of the bank is £SOOO, of which £4998 shares are held by Mario Olivieri, Villa Italia, Penrith Avenue, Glasgow, and two £1 shares by Arrigo Olivieri, Milan, civil engineer. The bank’s premises at Union Place, Edinburgh, were also closed.
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Bibliographic details
Manawatu Standard, Volume LVII, Issue 71, 23 February 1937, Page 9
Word Count
181BANK CLOSES ITS DOORS Manawatu Standard, Volume LVII, Issue 71, 23 February 1937, Page 9
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