May 30, 2017 / 8:57 PM / 8 months ago

BRIEF-Italy's Banca Carige approves 940 mln euro bad loan sale, top investor criticises CEO

May 30 (Reuters) - Italy’s Banca Carige says:

* Its board unanimously approves sale of 940 million euro bad loan portfolio with use of GACS state guarantee on senior tranche

* Will dispose of mezzanine and junior tranches in bad loan securitisation

* Top investor and deputy chairman Vittorio Malacalza wrote to the lender’s board and auditors criticising the actions of the bank’s chief executive and chief financial officer

* Malacalza wrote that he does not agree with the current direction of the CEO’s management and that he intends to step down from his position if the bank’s board does not share his views with regards to both the CEO and the CFO

* Bank will discuss matter on June 9

* Its lawyers reject claims by former managers, Apollo Global Management and insurance units Amissimia Vita and Amissima Assicurazioni, for at least 291.7 million euros as part of pending lawsuit started in June last year Further company coverage: (Reporting by Milan newsroom; Editing by Alison Williams)

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