Italy's BPER to raise 750 million euros in share sale

MILAN Tue May 6, 2014 2:21pm EDT

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MILAN May 6 (Reuters) - Banca Popolare dell'Emilia Romagna (BPER) became on Tuesday the latest Italian lender planning to tap investors for cash in coming months as it announced a 750 million euro ($1 billion) rights issue to strengthen its capital base.

Italy's sixth-largest bank by branches is among 15 in the country being scrutinised by the European Central Bank this year as part of a check-up of the sector across the euro zone.

Nine of the 15 are now planning to raise nearly 11 billion euros in fresh capital.

BPER said in a statement it would seek to carry out the share sale by the end of July.

The bank said its best-quality Common Equity Tier 1 capital under Basel III rules would stand at 10.44 percent after the cash call. ($1 = 0.7177 Euros) (Reporting by Valentina Za; editing by Francesca Landini)

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