Thursday , July 29 2021

Institute in trouble: Carige, violent coup in the stock market: -48.7%. The bank in Piazza Affari is worth 100 million Liguria economy





Toti: "I'm sure Carige will do"

The president of the Toti Region talks about Carige afternoon on the Stock Market: "It is not known for a long time but we are sure that Carige can do it and will do"

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Genoa – Finalizes Banca Carige "On the carpet" on the stock exchange, with investors struggling to digest the capital increase of 400 million euros, after 219 million "adjustments" on loans sent for the first nine months in "red" for 190 million.

The title, which was suspended from trading to avoid "volatility", could not handle most of the session. Only in the end negotiated actions, leaving "half" at the end of the day (-48.65%, € 0.0019). A downward spiral not totally unexpected, given that the bank will face, according to Bank Akros analysts, another "hyperfinite" increase, which aims to put an end to shareholders who do not have to sign it.

The Carige capitalization fell just over 100 million, one fifth of the increase closed in December 2017 and a quarter of which the bank will ask the market next March. Resources that will be used to reimburse the subordinated link that will be subscribed to 320 million euros from the banking system, through the voluntary scheme of the Interbank Fund and up to 80 million of the major shareholders. Among them, however, only Raffaele Mincione made the provision to assume more than 20 million.

"With the strengthening of assets, we completed the first mission. Once the emergency phase is over, let's start looking at the future working on the plan and the commercial relaunch of the bank, "reiterated Chief of a main directorate of Carige, Fabio Innocenzi, bringing together the employees together with the president, Pietro Modiano.

Abi's president, Antonio Patuelli, said that 320 million of Fitd are not "lost", trusting that the loan can be "reimbursed in full in a few months" thanks to the "success" of the increase. It will not be easy after that the bank "burned" 2.2 million euros in 5 years. It will depend on the industrial plan that Innocenzi works, which today also met the unions, to convince investors to bet again by the bank. And to do this, it will be impossible to talk about a merger: "Difficult" to do, says Equita, if it does not make new important steps in the reduction of Npl, now more than 25% of assets, but with an objective at the end of the year 15.8%.

In any case, the bank "is safe"Modiano reiterated that, if the increase falls in the desert, the Fitd will turn the bond into shares within the 49.9% limit of the capital (retain the remainder): "The fund will have hopes to be reimbursed," said Victor Massiah , Ad of Ubi, excluding "we will intervene" to take Carige.

"What Carige can do and what he will do, we are fully convinced," said the governor of Liguria, Giovanni Toti, great trustworthy and management partners, "they know how to find great agreements to revive a fundamental bank" for Liguria. Thursday The board will meet again Summon the assembly on December 21 and group the actions.



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