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Pop Vicenza can relaunch with bank fund, new management - PM Renzi

Reuters
Italian Prime Minister Matteo Renzi delivers his remarks during the signing ceremony on climate change held at the United Nations Headquarters in Manhattan, New York, U.S., April 22, 2016. REUTERS/Brendan McDermid (Reuters)

ROME (Reuters) - Italian regional lender Banca Popolare di Vicenza can relaunch itself with the help of a newly-created bank rescue fund and the possibility of a change in its management, Prime Minister Matteo Renzi said on Wednesday. Popolare Vicenza's attempt to list on the Milan stock market last week failed because investors bought just 7.7 percent of a planned 1.5 billion euro share issue. Renzi said there had been "gross errors" in the bank's management in the past but the so-called Atlas fund, set up to buy bad loans and fresh capital from weak banks, would help. "With Atlas and the prospect of a change in management (the bank) will be in a position to relaunch," Renzi said during a televised question-and-answer session. (Reporting by Isla Binnie)