Luxembourg’s Time and Life Backs Pop Milano

Luxembourg’s Time and Life has acquired an 8.27% stake in Italian mid-tier lender Banca Popolare di Milano, making it the second largest shareholder after buyout fund Investindustrial, Reuters reported. The news was first reported by market watchdog Consob on Tuesday, Reuters wrote.

(Reuters) – Luxembourg’s Time and Life SA has taken an 8.27 percent stake in Italian mid-tier lender Banca Popolare di Milano, becoming the second biggest shareholder after private equity fund Investindustrial, market watchdog Consob said on Tuesday.

The fund is controlled by Capital Investment Trust LLC.

Consob said it had been informed about the stake on Dec. 29, after Pop Milano completed a capital increase and reimbursed a convertible bond.

(Reporting By Andrea Mandala)