Concept information
Preferred term
Banco Ambrosiano
Definition
- Banco Ambrosiano, Italy's second-largest private bank, collapsed in 1982 when it became unable to collect approximately $1.3 billion in loans to foreign shell companies with ties to the Vatican Bank. The scandal disrupted financial markets, damaged the Vatican's reputation, and led to the downfall of the bank's chair, Roberto Calvi, and other senior business and government leaders. [Source: Encyclopedia of White-Collar and Corporate Crime; Banco Ambrosiano]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/Banco_Ambrosiano
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