November 17, 2017 / 3:39 PM / a year ago

Carige top shareholder commits to subscribe 17.6 pct of cash call - source

MILAN, Nov 17 (Reuters) - The top shareholder of Italy’s Banca Carige has signed a commitment to subscribe 17.6 pct of the lender’s 560 million euro ($660 million) share issue, a source close to the matter said on Friday.

The Genoa-based lender, saddled with a heavy burden of bad loans and accumulated losses, is racing to salvage the capital increase needed to prevent it being wound down by the European Central bank.

Malacalza Investimenti had said in the past that it had sought regulatory approval to raise its stake to 28 percent, from the current 17.6 percent and that it would support Carige, despite recent misunderstandings with banks in the consortium. ($1 = 0.8480 euros) (Reporting by Andrea Mandala; editing by Giulia Segreti)

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