The Board of Directors of Banca Carige approves the project reorganization of the Group, and the stock toasts on the Stock Exchange, so much so that shortly after 10 this morning the stock marks a theoretical leap of 11,35% to 0,7310 euro, and is suspended due to excess rise.
The group reorganization project envisages al 2017 a net profit of 330 million from the current ones 188 million with improved cost income since 58,5% to 45%. As of January 2013, XNUMX the core tier 1 ratio is expected to be close to at least 8%, more than foreseen by Basel 3.
The project is aimed at implementing the initiatives of the Strategic Plan more effectively, enhancing the potential of the bank's network outside Liguria, which has high growth margins.
The new facility is expected to be operational from 1 January 2013, subject to obtaining the required authorisations. The realization of the Project will allow a higher annual profitability when fully operational (2017) equal to over 37 million net, and an increase in regulatory capital of approx 600 million, deriving from the valorisation of the goodwill relating to the acquisitions of branches carried out over the years.
This increase will determine at 31/12/2012 a raising all levels of capital ratios by approximately 250 basis points, reaching a Core Tier 1 ratio of over 9% and a Common Equity Tier 1 Ratio of around 8%, higher than the minimum envisaged by the new Basel 3 rules when fully operational.
Net income is expected to rise in 2017 from the current 188 million to approximately 330 million and that cost income may improve by 58,5 45% to%.
In detail, the project provides for the establishment of a new bank 100% owned by the current Banca Carige, called “Banca Carige Italia Spa”, which will be transferred to the 353 branches of the bank operating outside Liguria, both those opened directly and those acquired over time from other banking groups.
The new bank will operate as a "network bank", like the other banks of the Group (Cassa di Risparmio di Savona SpA, Cassa di Risparmio di Carrara SpA, Banca del Monte di Lucca SpA and Banca Cesare Ponti SpA).
Banca Carige Italia will focus on the areas outside Liguria, with the aim of accelerating the growth of traded volumes and the number of customers as well as innovating the service model, leveraging the close integration of the physical network of branches with new distribution channels, particularly technological ones.
At the same time, the credit institution will perform both the role of Parent Company, fulfilling the functions of guidance, coordination and control and those of service for the entire Group, and that of retail commercial bank, focused on Liguria, with the aim of preserving its market leadership in the region.
