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Banco BPM opposes putting more Atlante money into Veneto banks
February 23, 2017 / 11:27 AM / 7 months ago

Banco BPM opposes putting more Atlante money into Veneto banks

MILAN, Feb 23 (Reuters) - Atlante fund’s contributor Banco BPM is opposed to the banking industry rescue fund investing further in troubled regional lenders Popolare di Vicenza and Veneto Banca, the chief executive of the Italian bank said on Thursday.

Atlante, which was set up last year with contributions from Italian lenders and insurers, has pumped a total of 3.5 billion euros ($3.69 billion) into the two Veneto-based banks, saving them from being wound down when their initial share offerings flopped.

Atlante is now considering whether to use the 1.7 billion euros it has left - which it originally raised to buy bad loans off Italian banks - to buy into an upcoming cash call at the two banks.

“We are obviously opposed to such a possibility,” Banco BPM CEO Giuseppe Castagna told reporters on the sidelines of an event. ($1 = 0.9481 euros) (Reporting by Andrea Mandala, writing by Valentina Za, editing by Agnieszka Flak)

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