January 8, 2020 / 2:54 PM / a month ago

Popolare Bari's administrator says 1.4 bln euro capital gap is "initial estimate"

MILANO, Jan 8 (Reuters) - A potential 1.4 billion euro ($1.6 billion) capital shortfall at Banca Popolare di Bari is a base assumption which must be confirmed after a due diligence process, the temporary administrators of the ailing regional bank said on Wednesday. Late last year a depositor protection fund financed by Italian banks committed to covering up to half of an estimated capital increase of 1.4 billion euros at Popolare di Bari, approving an immediate cash injection of 310 million euros.

“The bank certainly requires a capital increase, but it is not possible to give an exact amount yet,” one of the bank’s administrators told a parliamentary hearing.

A detailed analysis of the bank’s assets, in particular its loan book, and of potential legal risks is necessary to be able to put a number on the capital injection needed, the administrator said. ($1 = 0.8991 euros) (Reporting by Stefano Bernabei, writing by Andrea Mandalà, editing by Valentina Za)

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