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Consortium of 21 banks to underwrite Banco Popolare's cap hike

Reuters - UK Focus

MILAN, Feb 12 (Reuters) - Italy's fourth biggest bank, Banco Popolare, said on Wednesday a consortium of 21 banks and brokers will underwrite its upcoming capital increase of up to 1.5 billion euros ($2.05 billion).

BofA-Merrill Lynch, BNP Paribas (Milan: BNP.MI - news) , Santander and HSBC are among the 16 foreign banks and brokers in the consortium, which will be led by UBS and Mediobanca (MDD: MB.MDD - news) .

Italy's top two banks Intesa Sanpaolo (Frankfurt: IES.F - news) and UniCredit (Berlin: CRIH.BE - news) are also among the underwriters of the cash call, which Banco Popolare (Dusseldorf: B8Z.DU - news) announced unexpectedly last month and expects to launch out by the end of April.

Three other Italian lenders - Monte dei Paschi (Milan: BMPS.MI - news) di Siena , Banca Carige (Frankfurt: BJ5.F - news) and Banca Popolare di Milano (Milan: PMI.MI - news) - are due to tap the market in the coming months. All are among the 15 Italian banks being scrutinised in a sector-wide health check by the European central Bank.