Shares in Italian bank tumbled after an IPO by Banca Popolare di Vicenza SpA got snubbed by private investors. Italy’s bank-rescue fund Atlante had to buy all the shares.
Atlante’s one of main investors, UniCredit SpA, dropped 6.7%. Intesa Sanpaolo SpA fell as much as 3.2%.
Regulators in Italy will make a decision as soon as Monday if Pop. Vicenza is fit for a listing on the Milan exchange after it subscribed to all but 7.7% of the share sale.
The material has been provided by InstaForex Company – www.instaforex.com