Giovedì, 20 Settembre 2018
MILAN

BPM to launch capital increase by start 2014

English
© ANSA

Milan, August 28 - The management of Italian mutual
bank Banca Popolare di Milano (BPM) has not decided the timing
yet of a 500-million-euro capital increase which is however
likely to take place between the end of this year and the
beginning of 2014, the bank's President Andrea Bonomi said on
Wednesday.
"The timing depends on markets and most of all on the
overall industrial plan including governance," he said in a
conference call with financial analysts.
The bank returned to profit in the first semester of 2013
with 105.6 million euros from the 131.3-million-euro loss a year
before and plans to launch a new industrial plan before it
launches a 500-million-euro capital increase.
Bonomi also said the bank's structure would evolve with a
"separation between management and stakeholders" in line with
recommendations issued by the Italian central bank during a
recent inspection.
The president of BPM said the bank would update its
industrial plan before October "with the introduction of the
evolution of governance," a process which kicked off Tuesday
"and will continue in the coming months".

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