Proskauer London represented Banco Popolare in its recently completed €1.5 billion ($2.1 billion) capital increase in the form of a rights offering in reliance on Regulation S. The capital increase was fully subscribed and represents the largest completed equity capital markets transaction in Italy in 2014 to date.
The syndicate guaranteeing the capital increase was led by UBS and Mediobanca, as Joint Global Coordinators and Joint Bookrunners, and was comprised of a total of 21 leading international and Italian investment banks. Notably, BNP Paribas, Bank of America Merrill Lynch, Nomura, UniCredit and Banca IMI acted as Joint Bookrunners, and other investment banks, including HSBC, Commerzbank, BBVA, Banco Santander, Crédit Agricole and Société Générale, acted as Managers.
Banco Popolare is the fourth largest Italian banking group, with a particularly strong presence in the retail and corporate segments in Northern Italy, and is the result of multiple mergers and business combinations among local and regional cooperative banks over the last few years. The parent company is listed on Borsa Italiana, the Milan-based Italian stock exchange.
London Capital Markets partner Roberto Bruno led the Proskauer team which included associates Malini Mukhopadhyay and Federica Pantana (Capital Markets).
