June 5, 2019 / 3:37 PM / a month ago

UBI CEO says news on Carige expected in coming days

ROME, June 5 (Reuters) - The head of Italy’s fifth-largest bank UBI Banca said on Wednesday he expected soon news on the progress of rescue efforts for troubled rival Carige .

The rescue of Carige is in disarray after U.S. giant BlackRock last month pulled out of a plan to provide the bulk of a proposed 720 million euro ($807 million) capital injection for the Genoa-based bank.

The commissioners appointed in January by the European Central Bank are racing against the clock to find an alternative buyer, and stave off the risk of liquidation.

“We expect news from the commissioners in the coming days”, UBI CEO Victor Massiah said on the sidelines of an event in Rome, adding that “a market solution would be preferable”.

Reporting by Giuseppe Fonte; writing by Gianluca Semeraro; editing by

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