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Report: Veneto Banca does not need Atlante's involvement in cash call for now, bank chairman says

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Report: Veneto Banca does not need Atlante's involvement in cash call for now, bank chairman says

Veneto BancaSCpA sees no need for Italy's bank bailout fund to support thelender's €1 billion capitalraise for now, Reuters reported May 3, citing the bank's chairman,Pierluigi Bolla.

Bolla reportedly said on a conference call that the lenderwould find out if it could raise the cash without the fund's involvement afterit starts pre-marketing for the share issue from May 12 to May 14, according tothe newswire.

However, the fund dubbed Atlante might have to underwriteVeneto Banca's capital increase, which could see it taking a big stake inanother Italian bank, "two sources close to the matter" told thenewswire. As of March 31, the lender's common equity Tier 1 ratio was 6.8%,which is expected to rise above 11% after the capital increase.

The newly created fund ended up with a 99.33% stake inBanca Popolare di VicenzaSpA after it failedto raise money from investors in a €1.5 billion share offer.