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Report: ECB authorizes Popolare di Vicenza capital hike extension

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Report: ECB authorizes Popolare di Vicenza capital hike extension

TheECB has givenBanca Popolare di VicenzaSpA until the middle of May to execute a proposed €1.76 billioncapital increase,extending the deadline originally set at the end of April, Reuters reportedApril 7, citing "a source with knowledge of the matter."

Theshare issue is beingcarried out to meet ECB capital requirements and as part of Popolare diVicenza's planned admission of shares to listing on the Italian stock exchange,the report added.

, the soleguarantor of the transaction for up to €1.5 billion, delaying the cash call afterpreliminary checks with investors during the previous weeks "did not gotoo well," according to "one source close to the matter." Thelender later decided to proceed with the deal, partly due to fear of potentiallegal consequences, two sources said.

Popolaredi Vicenza said it launched an initial marketing phase for the share issueApril 7, the newswire noted. The initial phase will last approximately 10 days,while pricing is expected toward the end of April, a document by one of thebanks managing the issue showed.