February 17, 2018 / 8:35 PM / 3 months ago

BRIEF-Creval says business plan envisages 803 mln euro capital strengthening

Feb 17 (Reuters) - Italian lender Banca Piccolo Credito Valtellinese (Creval) says in prospectus on planned capital increase:

* CASH CALL WORTH 699.66 MLN EUROS NOT SUFFICIENT TO FUND ALL STRATEGIC ACTIONS ENVISAGED IN 2018-2020 BUSINESS PLAN

* BUSINESS PLAN ENVISAGES CAPITAL STRENGTHENING IN TOTAL WORTH 803 MILLION EUROS

* BANK OF ITALY HAS TOLD BANK IT FACES SIGNIFICANT DIFFICULTIES IN RESTORING ADEQUATE PROFITABILITY

* BANK OF ITALY FOUND DELAYS IN LENDER’S CLASSIFICATION OF LOANS AS IMPAIRED AND PROVISIONING POLICY

* SUFFERED SIGNIFICANT LIQUIDITY OUTFLOWS IN NOVEMBER 2017 AFTER NEW BUSINESS PLAN, RATING DOWNGRADES

* MARKET REGULATOR CONSOB STARTED INSPECTION ON JAN 23 THIS YEAR ON A SERIES OF ISSUES INCLUDING FINANCIAL PRODUCTS SOLD TO CLIENTS Further company coverage: (Reporting by Milan newsroom)

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