The Bank of Italy is set to launch a fresh investigation into Banca Popolare Italiana, the Italian bank whose bids for rival Antonveneta sparked a probe by Italian authorities last month. The latest probe could lead to approval for the bids being revoked.

The investigation will be based on secret documents that were impounded by magistrates in Milan also investigating irregularities relating to the bank's bids, according to Radiocor, the Italian newswire.