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Italy's Creval to launch 400 mln euro rights issue on Monday
May 22, 2014 / 12:22 PM / 4 years ago

Italy's Creval to launch 400 mln euro rights issue on Monday

MILAN, May 22 (Reuters) - Italian mid-sized lender Credito Valtellinese said on Thursday a planned 400 million euro ($546.6 million) rights issue would start on Monday after receiving a green light from Italy’s market watchdog.

Investors will have until June 20 to exercise the rights to buy the new shares. The rights can be traded until June 13 included.

Creval said in a statement its board would meet later on Thursday to decide the final terms of the share sale.

Creval is one of nine Italian banks currently planning to tap investors for cash for a total of nearly 11 billion euros in an effort to strengthen their capital base.

Banco Popolare successfully completed last month a 1.5 billion euro cash call while a 500 million euro rights issue at Banca Popolare di Milano ends on Friday.

$1 = 0.7318 Euros Reporting by Valentina Za; editing by Francesca Landini

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