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Popolare di Vicenza votes for more aid from bank fund

Banca Popolare di Vicenza SpA's board on May 26 voted in favor of requesting more aid from Italy's bank bailout fund.

Describing a "precautionary recapitalization" as "instrumental in the bank's turnaround," the struggling lender asked the fund, which is called Atlante and backed by the country's healthier banks, to come to its rescue.

Popolare di Vicenza and its local rival Veneto Banca SpA need €6.4 billion to fill a capital gap. The European Commission has demanded they find €1 billion in private-sector capital before they receive state aid.

"The board has taken cognizance of the reassurances given by the Italian Ministry of Economy and Finance, making us confident of a rapid conclusion of the precautionary recapitalization authorization process," Popolare di Vicenza said.