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Banco Popolare shareholders approve €1B capital raise for BPM merger

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Banco Popolare shareholders approve €1B capital raise for BPM merger

Banco Popolare Società Cooperativa's shareholdersauthorized the lender's planned €1 billion capital increase during a May 7 extraordinaryshareholder meeting.

Banco Popolare CEO Pier Francesco Saviotti told reportersthat the capital strengthening, which is part of the between the bank and ,is expected to be carried out by the end of June, Reuters reported the sameday.

The capital raise is intended to fulfill regulatoryrequirements aimed at the new merged entity, including beginning operationswith a sufficient capital level and enabling the reduction of nonperformingloans.

Banco Popolare noted that it entered into a pre-underwritingagreement with Mediobanca - Banca di Credito Finanziario SpA and Bank ofAmerica Merrill Lynch, which will act as sole global coordinators and bookrunners for the capital increase.