As expected, the Atlante fund, the reference shareholder of Veneto Banca and Banca Popolare di Vicenza, refused to inject new capital into the two former co-operative companies. The confirmation came via a letter written by Quaestio Sgr, the company that manages Atlante, addressed to the boards of the two institutes, explaining that: "The conditions for any further investment in your banks by the funds managed by us are not currently met". The letter underlines that: "The many uncertainties, referring to the size of the recapitalization, the price of any capital increase, the possibility of further requests for capital by Brussels and the ECB in the event of approval of the merger between the two banks effectively prevent a decision for any responsible investor”.
Last week the boards of directors of the two banks had given a mandate to their respective top management to probe the possible willingness of Atlante to participate in the recapitalization, after the unofficial request from the EU Commission for an additional billion in private capital. No was in the air, also in light of the stoppage arrived by the banks and foundations that are shareholder of Atlante. Overall, the Atlante fund has already invested 3,5 billion in the two Veneto banks, of which 938 million at the beginning of this year as capital payments. The fund has only reiterated that it will invest 450 million for the purchase of the junior tranche if the securitization of the npls within the two institutes starts. During the day Maria Bianca Farina, CEO of the Poste Italiane group, she said she was theoretically available for a new investment in banks, through the Atlante Fund.
