September 14, 2018 / 6:46 AM / in 7 months

Carige's top investors told to seek regulatory clearance on stake

MILAN, Sept 14 (Reuters) - Three leading investors in Italy’s Carige must seek regulatory clearance for their combined 15.2 percent stake after agreeing to jointly vote for a new board or else their voting rights will be capped at 10 percent, the bank said on Friday.

Carige, Italy’s last remaining large problem bank will hold a shareholder meeting on September 20 to elect a new board after the single biggest investor in the bank fell out with the chief executive.

The three investors are seeking to appoint a new board and keep the CEO in his job, a move that pitted them against top shareholder Malacalza who turned to regulators saying they had failed to request the approval needed for banking stakes bigger than 10 percent.

Reporting by Valentina Za

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