Intesa Sanpaolo Plans €5B Rights Issue

Intesa Sanpaolo is seeking to raise around €5 billion in a rights issue, The Wall street Journal reports. The Italian lender will sell common stock to owners of common and savings shares, adds Bloomberg.

The Milan-based bank’s board, which has approved the capital plan, expects to complete the sale by July. Banca IMI and Bank of America Merrill Lynch are acting as global coordinators and joint bookrunners along with Credit Suisse, Deutsche Bank, Goldman Sachs and Morgan Stanley.

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