The Banques Populaires et des Caisses d'Epargne (Bpce), the second largest bank in France, once again devalued its stake in Carige. After the adjustment of 36 million which took place in 2013, this time the French group, a shareholder of the Genoese institute with 9,9%, carried out a value correction of €120 million in the 2014 accounts, of which 52 million for the fourth quarter. The accounting documents state that the devaluation took place in the face of "the prolonged decline in the value of the stake in Banca Carige".
Despite the news, Banca Carige's share on the Stock Exchange gains around two percentage points today.
Last June, Bpce adhered to Carige's 800 million euro capital increase for its share, with an investment of around 80 million. Bpce entered Carige in 1999 and came to control a share of almost 15% of the Italian bank, to then reduce it. Between 1999 and 2009 it was allied with the Carige Foundation through a syndicate agreement.
Participation has been at the current level since 2012 and makes BPCE the second shareholder of the institute behind the newcomer Malacalza, which has 10,3%. On 5 January 2012, the stake had passed for 524 million from the parent company to BPCE International et Outre Mer and the group's consolidated financial statements had recorded a write-down of 190 million euro at the end of the year.
It is not yet known what position the French will take on the imminent recapitalization of at least 700 million that Carige will launch in the spring, but according to rumors it is very likely that they want to at least confirm their commitment to the Italian bank.
