Almost six months after the commissioner, the troubled Banca Carige can begin to hope for a bailout in extremis. A consortium formed by the American Apollo fund, by the Italian banking system and perhaps by the Malacalza family, a major shareholder of the Ligurian bank, is taking shape to rescue Carige and avoid its nationalisation.
If facts soon follow intentions, a consortium will thus bring Banca Carige to safety composed of the American fund, which already owns the bank's insurance companies, the Interbank Deposit Protection Fund which represents the entire Italian banking system and which – without the European constraints overcome by the Tercas sentence – would be ready to take up to 51 % of the bank and Malacalza Investimenti which has already invested 423 million over the years and which has now decided to participate in the new capital increase.
After the sinking of the operation BlackRock which surprisingly renounced the rescue of the Ligurian bank not recognizing in the Italian context the conditions suitable for the rescue and relaunch of Banca Carige, prudence is a must once again. But yesterday, according to reports the Republic, the chairman of the Maccarone Interbank Fund went too far saying that “before the summer something happens” and explaining that the Fund would intervene directly in the rescue by taking over the 318 million bond issued in October by the bank and converting it into capital.
It is in the face of these novelties that also the Malacalza family it would have reached more collaborative advice and would be willing to take part in the capital increase of Banca Carige which should be around 600 million.
