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Popolare di Bari's €1.4B capital shortfall number may change

Italy-based Banca Popolare di Bari SCpA's previously estimated capital shortfall of €1.4 billion is a rough estimate which needs to be confirmed, Reuters reported, citing one of its temporary administrators at a parliamentary hearing.

The due diligence process is expected to be completed in March, the newswire reported.

The ailing bank, which was placed under administration in December 2019, was in urgent need of fresh capital because an unsustainable cost of credit brought about by wayward lending practices and a recession. Its CEO Vincenzo De Bustis had asked for a capital infusion of €800 million to €1 billion in December.

The Italian government agreed to provide a capital injection of €900 million through Banca del Mezzogiorno - MedioCredito Centrale SpA.

The cooperative bank could receive some funds from Italy's deposit guarantee fund Fondo Interbancario di Tutela dei Depositi.

The bank will be converted into a state-owned joint stock company after the infusion of fresh capital.