Carige inches towards bailout-beating recap plan
Banca Carige has plans to convert its tier two bonds into equity and raise €900m of fresh capital, as it looks to turn itself around and avoid the need for a bail-out from the Italian state.
The Italian deposit guarantee fund (FITD) holds about €320m of Carige’s 10 year tier twos, which were issued towards the end of 2018.
Carige had always intended to convert these instruments into equity, but its shareholders vetoed the move at a meeting last December.This month the ...
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