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Carige's headquarters
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Genoa – Carige Board launched the Capital preservation plan, secure the bank and rebadure the ECB. What will be the path is known for a long time. Only the details were missing, but they were needed quickly: in Frankfurt, he was waiting for an answer. The Ligurian Institute aims for a capital increase of 400 million euros, mainly covered by a bond that will be subscribed for 320 million euros by the voluntary system of the Interbank Deposit Protection Fund (Fidt), namely a consortium Banks Italian.
That's the program on the map. Because the voluntary scheme of Fidt will meet tomorrow the badembly, which will give the green light to the operation, although no bad surprises are expected. Many large institutions have already announced their intention to play their role, such as Intesa Sanpaolo and Unicredit. But some banks will react without too much dynamism. Credi Agricole, for example, will certainly adhere to it, but wants to understand what will be the reflections on Carige's governance in the event that Fidt finds himself controlling it. Montepaschi, on the other hand, has different qualifications: since it is part of the Treasury and the EU, it should only pay a quota (about 15 million euros) of what it would be. The "scruples" of Crédit Agricole on governance are common to many other banks and concern the second stage of the Carige project.
The board determined that the bond would have an annual return of 13% and a five-year term. The goal however is to repay it in the spring, with a capital increase of 400 million euros. This will be the moment of truth, in the sense that if the memberships are weak, the link will be converted into actions and Fidt will be the majority shareholder of the bank. In fact, the current major shareholders are not too unbalanced for the moment. Raffaele Mincione said he was willing to participate in strengthening Carige with a stake of 20 million euros, while Malacalza Investimenti does not seem to want to contribute to the bond issue and does not want to contribute to the bond issue. has not issued any signals regarding the capital increase. In any case, the complex "Conservation Plan" will be examined by the shareholders of the Genoese bank on December 22nd. Then, the merge chapter remains. The ECB hopes Carige can consolidate by finding an institution with which to "get married".
End of October Genoese bank chose Ubs as appointed advisor "Explore the possibility of strategic alliances," but it is a scenario that creates conflicting attitudes among members. Malacalza, for example, never hid that he preferred a "nubile" Carige. Board day also for Banco Bpm, which had on the agenda the review of the bids received from three consortiums (that of DoBank, Fortress and Spaxs, the one consisting of Credito Fondiario and Elliott and the consortium of Christofferson Robb & Company Davidson Kempner and Prelios) for a portfolio of non-performing loans from a minimum of 3.5 billion euros to a maximum of 8.6 billion euros. Negotiations lasted late in the evening. The decision could also involve a reorganization of consumer credit, where Banco Bpm is present with Profamily and with the joint venture with Crédit Agricole, Agos Ducato.
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