The ECB extends the term of office of the directors of the Italian bank Carige until September 30

MILAN (Reuters) – Banca Carige said on Saturday that the European Central Bank had extended until September 30 the tenure of three temporary directors who were appointed to head the troubled Italian bank.

The bank said the ECB wanted to give the three directors enough time to carry out the necessary actions to ensure that Carige meets capital requirements in a sustainable way.

The ECB also extended the mandate of a three-member supervisory board, the bank said.

Carige was placed under special administration early in the year after its main investor in December blocked a planned fundraiser, defeating a sector – financed bailout.

The bank said it was to fill a capital gap of 630 million euros ($ 707 million) and temporary administrators were looking for offers from potential buyers in mid-April.

Sources told Reuters that Varde Partners, based in Minnesota, and a specialized fund affiliated with BlackRock were planning to submit bids.

Sources close to the case said Saturday that Lazard and consulting firm AlixPartners were working with Varde on a potential offer while Mediobanca advised the BlackRock fund.

No final decision on the submission of bids has yet been made, said one source. A second source said that the tight deadline of April made things difficult.

As part of the emergency measures approved in January following the decision of the ECB, the Italian government is ready to inject until the end of September a capital of 1 billion euros in Carige if there is no solution private.