Banca Carige stock dropped 0,8% mid-morning, after the start of the activities necessary for the capital increase up to 800 million euro.
Yesterday the banks that will form the guarantee syndicate for the operation were selected: Mediobanca, Citigroup, Credit Suisse, Deutsche Bank, UniCredit, Commerzbank and Nomura. However, the consortium can also be extended to other banks.
In a note, the Genoese institute explained that the disposal process envisaged as part of the capital strengthening plan is still ongoing and "it does not appear foreseeable, at the moment, its conclusion in a short time, and in any case in a consistent time with respect to the capital strengthening needs of the Carige group, as well as in terms that are satisfactory for the bank and its shareholders”.
The Bank of Italy had asked the institution months ago for a capital strengthening of 800 million, which can be achieved (according to the central bank) in part with the sale of assets - primarily the two insurance subsidiaries in the Non-Life and Life sectors - and for the residual part with a capital increase.
To date, the disposal plan planned to contain the part destined for the capital increase has been limited to the sale of the asset management company for which Carige has collected approximately 100 million euros. For the capital increase, the Board has a proxy to be exercised by 31 March.
Carige also communicated that the Bank of Italy has authorized the repayment of the subordinated loan convertible into ordinary shares “Banca Carige 1,50% 2003-2013”. In particular, on 10 March the holders of the bond will be recognized the total amount of approximately 11,5 million including the principal portion and the 16% repayment premium, in addition to the interest rate corresponding to the matured coupon.
