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(Bloomberg) --*
Banca Popolare di Vicenza SpA and Veneto Banca SpA, the rescued Italian lenders in merger talks, may request as much as 3.3 billion euros ($3.5 billion) of state funds in a rescue plan conditional on the banks’ ability to minimize litigation risks, people with knowledge of the matter said.
The two banks submitted a merger plan to the European Central Bank earlier this month that includes a capital increase of 4.5 billion euros, said the people, who asked not to be identified because the matter is private.
Under the plan, the banks would request a precautionary recapitalization that includes a mandatory conversion of about 1.2 billion euros of subordinated bonds and an injection of capital for the remaining amount by the Atlante fund controlled by Italian lenders and the 20 billion-euro government rescue program approved in December. Terms of the transaction are still under review and could change, according to the people.
The Treasury may inject between 2 billion euros and 3.3 billion euros, depending on Atlante’s ability to invest additional resources in the two lenders, said the people. Atlante, which owns the two banks, may participate in the capital raising if it’s able to convince its investors to use sister fund Atlante 2 as the vehicle, one of the people said. Atlante 2 was created last year to invest in banks’ bad loans, while Atlante can provide both capital and invest in soured debt.
(Bloomberg) --*
Banca Popolare di Vicenza SpA and Veneto Banca SpA, the rescued Italian lenders in merger talks, may request as much as 3.3 billion euros ($3.5 billion) of state funds in a rescue plan conditional on the banks’ ability to minimize litigation risks, people with knowledge of the matter said.
The two banks submitted a merger plan to the European Central Bank earlier this month that includes a capital increase of 4.5 billion euros, said the people, who asked not to be identified because the matter is private.
Under the plan, the banks would request a precautionary recapitalization that includes a mandatory conversion of about 1.2 billion euros of subordinated bonds and an injection of capital for the remaining amount by the Atlante fund controlled by Italian lenders and the 20 billion-euro government rescue program approved in December. Terms of the transaction are still under review and could change, according to the people.
The Treasury may inject between 2 billion euros and 3.3 billion euros, depending on Atlante’s ability to invest additional resources in the two lenders, said the people. Atlante, which owns the two banks, may participate in the capital raising if it’s able to convince its investors to use sister fund Atlante 2 as the vehicle, one of the people said. Atlante 2 was created last year to invest in banks’ bad loans, while Atlante can provide both capital and invest in soured debt.
