(Specifies the swap ratio remains the same if new shares not issued at discount)
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 of its own shares for each Creberg share, providing a planned cash call is not issued at a discount.
Italy's fourth-largest bank decided to review the share swap ratio after last month announcing a surprise capital increase worth up to 1.5 billion euros ($2.1 billion) aimed at repairing its balance sheet.
In a statement on Monday, Banco Popolare said that if new shares in its rights issue were not issued at a discount - and based on a Feb. 14 share price of 1.457 euros - the share swap ratio would remain at 11.5.
It said such a ratio implicitly valued Creberg at 16.76 euros per share.
The final swap ratio will be set once the terms and conditions of the rights issue have been decided, the bank said.
Banco Popolare has previously said the merger with Creberg will help boost its core capital by more than 50 basis points.
Like other lenders, Banco Popolare has been hit by losses on non-performing loans which have continued to undermine profits at banks even as the country's longest post-war recession begins to recede.
Banco Popolare's rights issue lifts to about 6 billion euros the total being raised by 15 Italian banks ahead of a check-up by the European Central Bank (ECB) later this year.
($1 = 0.7298 euros) (Reporting by Stephen Jewkes, editing by David Evans)