Intesa Sanpaolo completes exchange of subordinated notes
MILAN, Sept 13
MILAN, Sept 13 (Reuters) - Intesa Sanpaolo, Italy's biggest retail bank, said on Friday it had completed the exchange of subordinated notes, which is expected to boost third-quarter net income by 60 million euros ($80 million).
The exchange will also boost its Core Tier 1 ratio by 2 basis points, the lender said in a statement.
The amount of the existing notes accepted by Intesa Sanpaolo for exchange was equal to 1.43 billion euros, while the new notes issued in exchange amounted to 1.44 billion euros.
Intesa Sanpaolo also issued an aggregate amount of new notes worth 867,000 euros. ($1 = 0.7514 euros) (Reporting by Agnieszka Flak, editing by Stephen Jewkes)
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