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Consortium of 21 banks to underwrite Banco Popolare's cap hike
February 12, 2014 / 5:37 PM / 4 years ago

Consortium of 21 banks to underwrite Banco Popolare's cap hike

MILAN, Feb 12 (Reuters) - Italy’s fourth biggest bank, Banco Popolare, said on Wednesday a consortium of 21 banks and brokers will underwrite its upcoming capital increase of up to 1.5 billion euros ($2.05 billion).

BofA-Merrill Lynch, BNP Paribas, Santander and HSBC are among the 16 foreign banks and brokers in the consortium, which will be led by UBS and Mediobanca.

Italy’s top two banks Intesa Sanpaolo and UniCredit are also among the underwriters of the cash call, which Banco Popolare announced unexpectedly last month and expects to launch out by the end of April.

Three other Italian lenders - Monte dei Paschi di Siena , Banca Carige and Banca Popolare di Milano - are due to tap the market in the coming months. All are among the 15 Italian banks being scrutinised in a sector-wide health check by the European central Bank.

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