Pop.Bari restructuring 'by mid-year', economy minister

No losses for bank account holders promises Gualtieri

(ANSA) - Rome, January 10 - The restructuring of southern Italian lender Banca Popolare di Bari is expected to be completed "by mid-year", Economy Minister Roberto Gualtieri told the Lower House's finance commission on Friday.
    Gualtieri said the plan was to transform the bank into a joint-stock company (Spa) with "the coverage of losses that will emerge".
    The bank will be recapitalized by Mediocredito Centrale (MCC) and by the Interbank Deposit Protection Fund (FIDT) as well as by private investors that will "hopefully be identified", the minister said.
    The lender's transformation into a Spa and the recapitalization by MCC and FIDT will have a significant impact "both on the value and on the dimensions of the participation of current stakeholders, while no impact is expected for bank account holders, I am happy to deliver this message", said Gualtieri.
    The minister also said he hoped that FITD will be able to consider some type of incentive for small investors and solutions for ongoing controversies.
    Premier Giuseppe Conte's government in December approved a 900-million-euro bailout of Banca Popolare di Bari after the lender said it urgently needed a bid capital increase and was put into administration.
    The money was allocated to Invitalia to finance Mediocredito Centrale (MCC) and enable it to buy a stake in Banca Popolare di Bari.


Change cookie consent