December 30, 2019 / 6:07 PM / a month ago

Italian depositor fund FITD ready to stump up 700 mln euros in Pop Bari rescue

MILAN, Dec 30 (Reuters) - A depositor protection fund financed by Italian banks said on Monday it was ready to stump up as much as 700 million euros ($785 million) to help rescue ailing lender Banca Popolare di Bari.

In a statement the fund said it had approved an anticipatory capital injection for the bank of 310 million euros that the lender could use immediately to boost its capital ratios.

FITD said its move was part of a wider plan by the bank to bolster its capital base by 1.4 billion euros “in the coming months”. ($1 = 0.8921 euros) (Reporting by Stephen Jewkes and Andrea Mandala)

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