March 10 (Bloomberg) -- Banco Popolare SC plans to sell 1.45 billion euros ($1.84 billion) of convertible bonds to the Italian government, making it the nation’s first bank to seek state aid to strengthen capital as the global financial crisis worsens.
Banco Popolare told the Finance Ministry and Bank of Italy that it would like to take part in the government’s bank assistance plan, according to two statements released today by the Verona-based company.
The ministry approved a decree on Feb. 25 enabling Italian banks to raise as much as 12 billion euros ($15.3 billion) selling bonds convertible into non-voting shares to the government. UniCredit SpA and Intesa Sanpaolo SpA, Italy’s largest banks, said they may raise capital under the plan, while investment bank Mediobanca SpA said it isn’t interested.
