Mediobanca under fire as banks walk from BPM

01 Jul 2011

The difficulties of putting a syndicate together for the Eu1.2bn Banca Popolare di Milano rights issue had as much to do with arguments about fees and deal control as about the market risk of Italian banks, said one banker involved in the process.

Mediobanca, which provided the pre-underwriting in May, wanted to maintain full control over pricing, timing and documentation while only offering potential joint bookrunners 1.6% of the 2%-2.25% fees, said the banker.

However, the Italian bank — which is an almost ever-present on bank rights issues from the country ...

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