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Creval, 700 millions capital increase before the Italian elections

Credito Valtellinese is exploring the option of launching a capital increase. Today a Creval’s board may approve capital increase. The transaction would take place in 2H18. Creval’s capital raising would be in the range of 600-700 millions. But there is another possibility: Creval could accelerate with a capital increase, to overcome the risks associated with Italy’s upcoming election in spring 2018. The target of the capital increase would be to cover the stressed loan portfolio. The capital increase would cover 80% of Creval’s non-performing loans and 40% of its unlikely-to-pay loans. Creval reported a gross non-performing loans ratio of 21.2% (30 June estimates).