The Milan stock exchange had earlier said the bank could not be allowed to list on the market after investors only bought 7.7 percent of the bank's cash call.

This means that a newly created bank bailout fund which had fully underwritten the capital increase will own 99.3 percent of the bank.

The consortium comprised UniCredit (>> UniCredit SpA), Mediobanca (>> Mediobanca Group), BNP Paribas (>> BNP PARIBAS), Deutsche Bank (>> Deutsche Bank AG) and JP Morgan (>> JPMorgan Chase & Co.).

The sources said the banks involved would receive some form of reimbursement for expenses linked to the transaction, without specifying the amount.

(Reporting by Paola Arosio, editing by Silvia Aloisi)