Veneto BancaSpA said July 7 that its entire board of directors resigned witheffect from an Aug. 8 shareholder meeting.

The bank, recently taken over by Italy's Atlante rescue fund, said theshareholder meeting will be tasked with appointing a new 11-member board.

The board also gave all corporate management powers to CEOand General Manager Cristiano Carrus, revoking all the powers previouslygranted to the executive committee.