December 22, 2017 / 7:22 PM / 3 months ago

Italy's Carige completes 544.4 mln euro capital raise

MILAN, Dec 22 (Reuters) - Italy’s Banca Carige said on Friday it had raised 544.4 million euros ($645 million) following its recently concluded new share issue, topping minimum regulatory demands.

The European Central Bank had asked Carige, Italy’s last remaining large problem bank, to boost its capital by at least 500 million euros and start shedding bad debts by the end of the year in order to stave off the threat of being wound down.

Shareholders failed to take up in full Carige’s 500 million euro new stock sale, but the bank had in place a number of accords with investors ready to take on unsold shares.

It said that on Friday it had sold the remaining shares for 119 million euros. Also on Friday, the bank settled a debt swap which included a separate reserved stock issue, gathering a further 46.4 million euros. ($1 = 0.8438 euros) (Reporting by Valentina Za; Editing by Crispian Balmer)

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