Banco Popolare confirms share swap ratio for Credito Bergamasco

MILAN Mon Feb 17, 2014 2:29pm EST

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MILAN Feb 17 (Reuters) - Italy's Banco Popolare said on Monday the share swap ratio in its merger with unit Credito Bergamasco (Creberg) would remain at 11.5 Popolare shares for each Creberg share.

Italy's fourth-largest bank moved to review the share swap ratio after announcing last month a capital increase worth up to 1.5 billion euros ($2.1 billion).

In a statement, Banco Popolare said the ratio implicitly valued Creberg at 16.76 euros per share.

Banco Popolare has previously said the merger is a reorganisation that will boost its core capital by more than 50 basis points. ($1 = 0.7298 euros) (Reporting by Stephen Jewkes)

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