Milan

BPM to launch capital increase by start 2014

'Depending on markets and industrial plan' president says

BPM to launch capital increase by start 2014

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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