Atlante makes Vicenza move

摘要

Atlante, the €4.25bn government-run but privately funded Italian 'bad bank' fund, has made its first purchase after the coun- j try's 10th largest lender, Banca Popolare di Vicenza, failed to attract investors to its €1.75bn capital raising. The European Central Bank had requested a capital increase at Banca Popolare di Vicenza earlier this year. Atlante was created in April as a backstop facility to prevent contagion spreading from Italy's most troubled lenders to the whole system. With the purchase, Atlante has released the capital raising underwriter, UniCredit, from its obligations to buy unsold shares in Popolare Vicenza. UniCredit and Intesa Sanpaolo, Italy's two largest banks, are the main investors in Atlante, seeding the fund with €1bn each.