One of the global coordinators involved in Banca Cívica?s recent IPO has become a major shareholder of the group, besides the Spanish savings banks that are funding it. Morgan Stanley revealed their participation of 2.86% in the lender, although the percentage rose above 3% on Monday according to registration data from the Comisión Nacional del Mercado de Valores (CNMV).
The acquisition is ultimately an attempt to stabilize and sustain Banca Cívica?s value, which was pushed down by recent news and the situation that world stock markets are enduring as we ponder another worldwide recession.
Morgan Stanley did not comment on their minimum investment, which is estimated at at least 37 million euros, taking into account that the minimum price of Banca Cívica since its debut has been 2.4 euros. Still, yesterday it settled under this level and fell 4.17% to 2.3 euros.
The lender has still not broken above its opening share price of 2.7 euros that it registered on July 21. On that day, Credit Suisse, the other global coordinator of the deal, had to leave the deal. While Morgan Stanley acquired 2.9 million shares in the first session, Credit Suisse took 3.4 million securities from the bank.
