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BRIEF-Intesa Sanpaolo to help compensate Veneto banks bondholders-CEO
June 25, 2017 / 5:41 PM / 3 months ago

BRIEF-Intesa Sanpaolo to help compensate Veneto banks bondholders-CEO

June 25 (Reuters) - Intesa Sanpaolo Spa CEO Carlo Messina says in a statement:

* Intesa’s offer for Veneto banks prevented crisis that could have had serious impact on Italy’s banking sector, wider economy

* Intesa will contribute 60 million euros to help compensate Veneto banks’ retail junior bondholders

* Lay-offs stemming from integration of banks will only take place on voluntary basis

* Intesa will grant 5 billion euros of new loans to Veneto region, starting from H2 2017

* Intesa had been ready to fund part of the 1.2 billion euros private capital injection demanded to recapitalise the two lenders but that transaction fell through because it was not backed by a sufficient number of other Italian lenders Further company coverage: (Reporting by Milan newsroom)

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