Courageous Carige pulls off private rescue as retail shareholders come good

Underwriters of Banca Carige’s €500m rights issue were jubilant on Thursday, when the results of the deal showed it had attracted about €200m of demand in the open market — almost exactly the amount needed for the banks to avoid having to buy shares, and underlining that the Italian lender has been rescued in an orderly way by private sector investors, a first in recent Italian history, writes Jon Hay.