Carige continues to move on the market to meet the demands of the ECB, which has rejected the Ligurian institute stress test, noting a capital shortfall of €814 million. The Bank today announced that it has reached an agreement with Apollo Management Holdings for a partnership in the bancassurance sector, which it envisages the sale to Apollo of 100% of the shares held by Carige in Carige Assicurazioni and Carige Vita Nuova and “long-term agreements for the distribution of life and non-life insurance products between the bank and these companies”.
The transaction will be concluded at a total price of 310 million euro, which "will be paid entirely in cash on the completion date of the transaction". The transaction “is subject to the authorizations of the competent authorities – explains the institute in a note -. The signing is expected today, while the closing will presumably take place in the first quarter of 2015”.
Yesterday the Genoese bank announced that it had unanimously approved a plan to be submitted to the approval of the ECB which provides for a capital increase of at least 500 million guaranteed by Mediobanca, in addition to other asset sale transactions.
"I am confident that the capital shortfalls" of Mps and Carige, the two Italian banks that have not passed the exams of the ECB, "will be addressed with market operations", said Treasury Minister Pier Carlo Padoan, speaking at the 15th european corporate governance conference.
Today in mid-morning Banca Carige's stock on the Stock Exchange rebounded by about five percentage points, a 0,0809 euros, after the 17,19% drop recorded yesterday.
