Italy to Bail Out 2 Banks for Up to US$19 Billion
Italy will commit as much as 17 billion euros (US$19 billion) to bail out two failed banks. The bailout at Banca Popolare di Vicenza SpA and Veneto Banca SpA will ensure the failed banks good assets are in the hands of Italy’s largest retail bank, Intesa Sanpaolo.
“The government will pay 5.2 billion euros to Intesa Sanpaolo and give it guarantees of up 12 billion euros so that it will take over the remains of Popolare di Vicenza and Veneto Banca.”
The government will pay 5.2 billion euros to Intesa Sanpaolo and give it guarantees of up 12 billion euros, so that it will take over the remains of Popolare di Vicenza and Veneto Banca. The two banks were forced to seek government aid after they failed to raise capital from investors in 2016.
About Intesa Sanpaolo
Intesa Sanpaolo is the banking group which was formed by the merger of Banca Intesa and Sanpaolo IMI. The merger brought together two major Italian banks with shared values so as to increase their opportunities for growth, enhance service for retail customers, significantly support the development of businesses and make an important contribution to the country’s growth. Intesa Sanpaolo is among the top banking groups in the euro zone, with a market capitalisation of 42.7 billion euros.
Visit: Intesa Sanpaolo
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