Banca Nazionale del Lavoro today moved a step closer to becoming the first Italian bank to be acquired by a foreign rival after its board unanimously approved a €6.4bn ($8.3bn) takeover offer from Spain's Banco Bilbao Vizcaya Argentaria.

In a statement, BNL said all 12 of its board members present at this morning's meeting voted in favour of BBVA's proposed €6.44bn all-share offer. One board member was absent.

Banca Nazionale board approves historic foreign takeover

Michael Herman

Banco Bilbao Vizcaya Argentaria

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