1. Banif Group submits recapitalisation plan
The Banif Group has submitted a recapitalisation plan for approval at its next general meeting
on January 16. It is not yet clear how, and if, Banif in Malta will be affected. In a statement on its
website, the group said that, once approved, the plan will be implemented in two stages. The
first will be an initial public investment of €1,100 million. This will be followed by an additional
share capital increase, to be made by the end of June, to the tune of €450 million, with
subscription through a public offer on conditions yet to be defined. The recapitalisation process
is based on interim support of the state for a maximum of five years and involves an aggressive
process of restructuring of the business model and enhancement of its core segments of
activity. The recapitalisation of Banif is also subject to a European Commisasion decision that
this is in compliance with state aid rules.
timesofmalta.com
http://www.allplacedout.com/banif-group-submits-recapitalisation-plan/
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