March 20, 2018 / 6:03 PM / a month ago

Italy's Creval says share issue fully subscribed

MILAN (Reuters) - The share issue launched by Credito Valtellinese (Creval) (PCVI.MI) which ended on Tuesday was fully subscribed for 699.7 million euros ($858 million), the Italian mid-sized lender said in a statement.

The bank added that none of the subscriptions in the first allocation came from the sub-underwriters, or afterward from the syndicate guaranteeing the capital increase.

Under pressure, like other Italian banks, to clean up its balance sheet after a deep economic slump, Creval will use the money to shed soured debts that account for more than one-fifth of total loans.

    Reporting by Agnieszka Flak, editing by Steve Scherer

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