Yesterday, Banco Popolare announced that it has filed a formal request to Italy’s Ministry of Economics and Finance and to the Bank of Italy for €1.45 billion of financial support in the form of newly issued hybrid securities under the Italian government’s recently announced lending plan. Of the financing, Banco Popolare’s CEO said: “This is an appropriate action, which also on the long term shall guarantee the Group’s adequate capitalization, hence the possibility of raising our support to households and [small- and medium-sized enterprises] on our core franchise, in line with our banks’ historical vocation.”