MILAN, Oct 11 (Reuters) - Banca Popolare di Vicenza is readying a proposal to partially reimburse shareholders who lost part of their investment after the European Central Bank said it found problems with its balance sheet, the Italian regional lender said on Tuesday.
“The sum earmarked for the reimbursement will, however, be capped to respect capital requirements dictated by the ECB,” the bank said in a statement.
Italy’s eighth-largest bank was taken over by state-sponsored fund Atlante in May after it failed to attract demand for a 1.5-billion-euro ($1.68 billion) initial share offering needed to avoid being wound down by the ECB.
The value of its shares fell dramatically after the ECB found holes in its balance sheet. The lender added it would hold a shareholders meeting to vote on a legal action against previous management. ($1 = 0.8928 euros) (Reporting by Francesca Landini, editing by Steve Scherer)