Veneto Banca and BPV boards to meet on 31 January to discuss merger plan - report (translated)
29 JAN 2017
The boards of directors of Veneto Banca and Banca Popolare di Vicenza (BPV), the Italian lenders controlled by Italian bank rescue fund Atlante, will discuss a merger on 31 January, Italian language daily Il Sole 24 Ore reported.
The boards will also attempt to refine the capitalisation requirements in the light of the fact that the two banks will be writing down and spinning off their non-performing loans that are estimated to have a gross value of EUR 9bn.
The top management of both banks will fly to Frankfurt on the same day to discuss their proposals with the European Central Bank, the unsourced article noted.
The total recapitalisation for the merger is likely to come in at EUR 2.5bn but could become even higher
The original article appeared in print; Page 4