Italy's UniCredit said Wednesday that the Italian tax police on Tuesday seized 246 million euros ($338.4 million) of the bank's funds deposited with the Bank of Italy.
The seizure is related to an investigation into a series of transactions with the Milan branch of Barclays Bank Plc dating back to 2007 and 2008, according to the Italian bank.
The deals were referred to as "Brontos" by Barclays.
"UniCredit is very surprised by this initiative and remains convinced that both it and its employees acted correctly. The bank and its legal advisers are reviewing the grounds for the judge's order and the available options," said UniCredit in a statement.
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