Intesa Approves 5 Billion-Euro Share Sale to Boost Finances
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Intesa Sanpaolo SpA, Italy’s second-biggest bank, plans to raise as much as 5 billion euros ($7.1 billion) by selling new shares to boost capital.
Intesa will sell common stock to owners of common and savings shares at a nominal value of 0.52 euros apiece, the Milan-based lender said in a statement today. The bank’s boards, which approved the capital plan yesterday, expect to complete the sale by July.