ECB takes charge of Carige

ECB adobe stock AS 230x150
By Jasper Cox
02 Jan 2019

The European Central Bank has seized control of Banca Carige after a majority of board members resigned. The new administrators include the old CEO and chair, originally proposed by the Malacalza family, as well as a lawyer with experience of merging financial entities.

On Wednesday morning, the European supervisor said that it had appointed three temporary administrators and a surveillance committee to replace the bank’s board of directors.

“The resignation of the majority of the board made the installation of temporary administration necessary to steer the bank in order to stabilise ...

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