Banca Popolare di Vicenza confirms validity of restructuring plan; confident over rapid completion of precautionary recapitalisation
The Board of Directors of Banca Popolare di Vicenza has listened to the report of the Chief Executive Officer, Fabrizio Viola, on the recent meetings held with the European Commission Directorate-General for Competition addressing the authorization process of the Precautionary Recapitalization – instrumental in the Bank’s turnaround – and with the Italian Ministry of Economy and Finance.
The Board has discussed the report of the CEO and has confirmed the validity of the restructuring plan, that had been approved and submitted to the competent Authorities some time ago. The plan’s resolution is key to achieving the turnaround of two banks that are instrumental in the development of the economy of the North-East of the country, and its success is dependent upon a prompt implementation of the planned actions.
The Board has taken cognizance of the reassurances given by the Italian Ministry of Economy and Finance, making us confident of a rapid conclusion of the Precautionary Recapitalization authorization process.
Finally, the Board has invited the CEO to verify where Quaestio SGR, manager of the Atlante fund (with a 99.3% share in the Bank), stands on its possible participation in the planned recapitalization.
The second bank referred to in the press release is Veneto Banca. A virtually identical press release by Veneto Banca on the recapitalisation can be found here in Italian