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Banco Popolare announces 1.5 bln euros cap hike after profit warning
January 24, 2014 / 7:32 PM / in 4 years

Banco Popolare announces 1.5 bln euros cap hike after profit warning

MILAN, Jan 24 (Reuters) - Italy’s Banco Popolare said on Friday its board had approved a capital increase worth up to 1.5 billion euros ($2.1 billion), adding that it had cut its outlook on its 2013 results.

The mid-sized lender said it expected to post a net loss of 600 million euros in 2013.

The bank plans to pay back in cash a convertible bond worth 1 billion euros, it added in a statement. ($1 = 0.7307 euros) (Reporting by Francesca Landini)

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