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Board of Italy's Intesa Sanpaolo takes no decision on Veneto banks - board members
June 13, 2017 / 12:42 PM / 4 months ago

Board of Italy's Intesa Sanpaolo takes no decision on Veneto banks - board members

MILAN, June 13 (Reuters) - The board of Italy’s Intesa Sanpaolo on Tuesday discussed the issue of contributing to the rescue of two ailing Veneto-based banks but did not take any decision, three board members told Reuters on Tuesday.

Banca Popolare di Vicenza and Veneto Banca, weighed down by bad debts and mounting losses, are seeking public and private support to avert the risk of being wound down by the end of the month, but Rome is struggling to find investors.

“We talked about it and we are following the situation very closely,” said one of the board members on condition of anonymity.

Two other board members said that no decision had been made.

On Monday the lender’s chairman, Gian Maria Gros-Pietro, said the decision of whether the bank would contribute to the rescue of the Veneto banks depended on the conditions set by European authorities.

Earlier on Tuesday Italy’s finance minister Pier Carlo Padoan said a solution on the two banks was close, while a spokesman for the EU Competition watchdog said negotiations with Rome were ongoing to avoid a bail-in of senior bondholders.

The spokesman added that the two banks’ depositors would be fully protected in any case.

Reporting by Elisa Anzolin, writing by Giulia Segreti

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