Banca Carige slips in Piazza Affari, after yesterday's rally (+12%) and above all on the rumors of a possible placement by the largest shareholder to repay the debt. This morning, before the start of the market, the Cassa di Risparmio di Genova e Imperia Group published its 2013 accounts and 2018 plan: Banca Carige closed 2013 with a loss of around 1,7 billion and gave the green light for the capital increase operation for 800 million, which will be carried out in June.
The 2014/2018 business plan envisages the merger of Carige Italia in 2014 "as a function of the gradual evolution over the period of the plan towards a single bank model, enhancing the peculiarities of the individual territories". The plan also envisages, as early as 2016, a return to an adequate level of profit, up to the achievement of a net result of 219 million in 2018, with a Rote (Return on Tangible Equity, calculated by dividing profit to equity at net of intangible fixed assets), expected at the end of the period at 9%.
The capital increase and the effects of the other equity initiatives will make it possible to bring the group's capital structure to levels consistent with the more stringent capital requirements required by Basel 3 regulations, also in view of the launch of the European Banking Union, with a CET1 ratio BIS 3 fully compliant of approximately 11,5% as at 2018.
Mid-morning the title Banca Carige loses 1,6% a 0,5605 euro.
