A PYMNTS Company

Italy: ECB expected to approve Veneto banks merger

By  |  February 7, 2017

Italy’s banking industry rescue fund Atlante expects the European Central Bank to approve a merger for ailing Popolare di Vicenza and Veneto Banca, likely requesting state support to ensure the plan’s success.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    “The ECB is already telling us, and it hasn’t been easy, to consider the two banks as one. If things work out, and I have reason to believe they will … we can close it by early September,” Alessandro Penati, chairman of the Quaestio asset manager that runs Atlante, told reporters on the sidelines of a conference.

    “The ECB would put much of its credibility at stake in authorising the first such merger in Europe … they want to have a guarantee the plan would be fully funded from the start and have very high chances of success … precautionary recapitalisation is the way but done in the right way.”

    Full Content: Euro News

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.