Laura Stanciu, Italian multinational banking in interwareast central EuropeThis article examines the interwar developmentof multinational investment undertaken by the most prominent Italian universalbank Banca Commerciale Italiana in Bulgaria, Hungary, Polandand Romania, referred to here as east central Europe. It analyses the extentto which considerations concerning universal banking's development are validin the case of Italian multinational investment in this region. The articleis neither a study of the 1930s financial crisis nor an analysis of the Italianuniversal banking per se. Instead, it questions the implicit relationshipbetween the fate of the activities of Banca Commerciale Italiana in east centralEurope and the general problems of the universal banking system during theearly 1930s. Evidence seems to suggest that the bank's withdrawal from theregion, beginning in the late 1920s, was more a result of managerial shortcomingsand unsound investment decisions than the crisis.