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

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FILE PHOTO: The logo of Banca Popolare di Bari bank is pictured outside the company’s branch after Italian government approved a bailout for the ailing cooperative lender, in Rome, Italy December 16, 2019. REUTERS/Guglielmo Mangiapane

December 30, 2019

MILAN (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”.

(Reporting by Stephen Jewkes and Andrea Mandala)

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