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Nine banks to underwrite Credito Valtellinese cap hike
March 28, 2014 / 1:05 PM / 3 years ago

Nine banks to underwrite Credito Valtellinese cap hike

MILAN, March 28 (Reuters) - Italian mid-sized lender Credito Valtellinese said on Friday a consortium of nine banks and brokers would underwrite its upcoming rights issue worth up to 400 million euros ($549.6 million).

Banca Imi, Credit Suisse and Mediobanca will lead the consortium for the cash call, which will have to be approved by the bank’s shareholders on April 12.

The rights issue would bring the lender’s best-quality capital to 10.9 percent, above a minimum threshold of 8 percent set by the European Central Bank for euro zone lenders. Credito Valtellinese is one of 15 Italian banks targeted by the ECB’s check-up.

$1 = 0.7278 Euros Reporting by Francesca Landini, editing by Isla Binnie

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