Italy-based Banca Popolare di Bari SCpA is planning to raise up to €350 million to strengthen its balance sheet, Bloomberg News reported, citing people with knowledge of the matter.
The bank seeks a minimum of €250 million in fresh capital, the people said. How it will raise the funds is as yet undecided, although a listing is reportedly one option.
The process could start in September, once the lender has transformed into a joint stock company, in accordance with the Italian government's requirements, the sources added.
In 2016, the bank canceled plans for a €300 million capital raise and transformation, the newswire noted. During the past two years, Popolare di Bari has shed €800 million of bad debt and has partnered with Cerved Group SpA to pick up the pace in debt collection.
