Intesa Sanpaolo is planning to raise around €5 billion in capital ahead of European Union stress tests, Financial Times reports. The Italian banking group’s capital raising decision is still to be confirmed by its board. The Turin-based lender’s capital hike will increase its common equity to 8.5%, above the 7% minimum requirement under Basel III rules. Italian regional lender, UBI Banca, also announced a €1 billion capital raising last week.
Click here for the story from Financial Times.
Click here for additional coverage from Reuters.