Banco Popolare launches bond buyback for 600 mln euros

MILAN Thu May 16, 2013 3:36am EDT

MILAN May 16 (Reuters) - Italian lender Banco Popolare announced on Thursday a buyback of Tier 1 and Tier 2 bonds for up to 600 million euros ($772 million).

The bank invited the holders of the bonds, whose total nominal value is around 1.36 billion euros, to submit offers to sell their securities from May 16-24.

It said the move, whose results will be disclosed on May 27, is aimed to rebalance its regulatory capital in view of developments under Basel III standards. ($1 = 0.7775 euros) (Reporting By Danilo Masoni)