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Report: Italy's bank debt fund gets regulatory approval to buy stake in Popolare di Vicenza

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Report: Italy's bank debt fund gets regulatory approval to buy stake in Popolare di Vicenza

Quaestio Capital Management SGR, which manages Italy'sAtlante bank rescuefund, said it received approval from the ECB and the Banca D'Italia to acquire a more than 50% stake inBanca Popolare di VicenzaSpA, Reuters reported April 26.

Italy's market regulator reportedly said that the fund wouldnot need to submit a takeover bid for Popolare di Vicenza after the lender'srights issue.

The lender aims to raise between €1.5 billion and €1.8 billion via a rightsissue, with at least €375 million earmarked for an Italian public offering. Astock market listing is scheduled for May 3.

Quaestio, on behalf of the Atlante fund, agreed tosub-underwrite therights issue and extend its sub-underwriting commitment even if thecapital increase is not fully subscribed and the shares of the bank are notadmitted to listing.