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Creval to carry out reverse stock split

Credito Valtellinese SpA said it will carry out a reverse stock split effective Jan. 8, 2018.

The reverse split will reduce the bank's share count to 11,088,723 ordinary shares with no par value from 110,887,230 shares, with the share capital remaining €1.85 billion. The operation can be carried out by authorized intermediaries via Monte Titoli SpA.

The announcement came a day after the lender's board of directors exercised the delegation granted it by an extraordinary general meeting Dec. 19 to launch a €700 million share capital increase.