(Corrects to clarify that the new share valuation has yet to be
MILAN, April 8 Unlisted Italian lender Veneto
Banca proposed to lower the value of its shares in an annual
review after posting a 96 million euro ($132 million) net loss
Veneto Banca said on Tuesday it would ask shareholders to
approve a price of 39.5 euros per share for 2014, down about 3
percent from 40.75 euros last year.
Each year the board recommends a per share value to
shareholders, based on a number of factors including past and
The bank, one of 15 Italian lenders under review by the
European Central Bank in a check-up of banking assets across the
euro zone this year, plans to raise 500 million euros from
investors in a share sale in coming months.
A spokeswoman for the company said on Wednesday the bank had
yet to decide at what price to offer the new shares.
Veneto Banca is also set to convert a 350 million euro bond
into equity to bring its highest quality Common Equity Tier 1
capital above a minimum threshold set by the ECB in the review.
Eight of the 15 Italian banks under ECB's scrutiny are
planning to raise a total of more than 8 billion euros in
capital from investors in coming months.
Veneto Banca is targeting an attributable net profit of 222
million euros in 2016 with a return on tangible equity of 7.4
percent, it said in a statement.
The bank posted a 96 million euro net loss last year after
459 million euros in writedowns.
It expects an operating income of 1.15 billion euros in 2016
against 1.1 billion euros in 2013.
($1 = 0.7249 Euros)
(Reporting by Valentina Za; Editing by Lisa Jucca and Elaine