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Intesa CEO reiterates private investors should not rescue Veneto banks
May 30, 2017 / 10:00 AM / 6 months ago

Intesa CEO reiterates private investors should not rescue Veneto banks

ROME, May 30 (Reuters) - Italian private investors have already lost a lot of money by financing a banking fund to rescue two ailing Veneto-based lenders, the chief executive of Intesa Sanpaolo said, indicating he will not heed a plea by the banks for more help.

The two lenders, Banca Popolare di Vicenza and Veneto Banca, have asked the Atlante fund to come to their rescue by injecitng up to around 1 billion euros in additional private capital, as demanded by the European Commission to approve a state bailout.

“Private investors have already lost lots of money in Atlante,” CEO Carlo Messina told reporters on the sidelines of an event, calling on EU authorities to approve state aid for the two lenders as quickly as possible.

Intesa, together with rival heavyweight UniCredit, is Atlante’s main contributor. Atlante took over both Veneto Banca and Popolare di Vicenza last year when they failed to raise capital on the market. (Reporting by Stefano Bernabei, writing by Silvia Aloisi, editing by Valentina Za)

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