July 30, 2019 / 2:15 PM / 23 days ago

Italian banks approve rescue plan for Carige - FITD fund head

MILAN, July 30 (Reuters) - Italian banks have approved a rescue plan for ailing peer Banca Carige, the head of the FITD depositor guarantee fund said on Tuesday.

“We’re confident this will be the final solution for Carige’s problems,” FITD’s Salvatore Maccarone said.

Italian banks will invest up to 500-600 million euros into Carige through the FITD fund as part of a 900 million euro ($1 billion) rescue plan, sources have said.

The plan hinges on a cooperative lender outside the FITD fund - Cassa Centrale Banca (CCB) - also taking part in the recapitalisation to the tune of about 70 million euros and agreeing to buy back the fund’s shares in Carige at a later stage to gain a majority stake. (Reporting by Elvira Pollina, writing by Giulio Piovaccari, editing by Valentina Za)

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