The rights issue has brought the bank a 50% boost in capital to 376.11 million lei. Intesa Sanpaolo SpA now holds 99.50% shares in the bank and the remaining 0.5% is held by Simest SpA.

The capital hike will lead to a consolidation of the bank’s position in the local market, representatives of the bank said.

“Intesa Sanpaolo Group is one of the most solid financial institutions in the world and has a high capital adequacy ratio. In this economic context, we are enjoying a strong competitive advantage, namely the support of a strong shareholder”, said Nicola Calabro (photo), chief executive of Intesa Sanpaolo Bank.

Intesa Sanpaolo Bank recorded total assets of 3.353 billion lei in the first quarter this year, up 6.5% from end-2009 level.