February 5, 2018 / 5:44 PM / a year ago

Leading Carige investor Credito Fondiario liquidates stake

MILAN, Feb 5 (Reuters) - Credito Fondiario, an Italian bad loan specialist that in late 2017 backed a vital capital raising at Banca Carige, has liquidated its 5.4 percent stake in the lender, a regulatory filing showed.

Market regulator Consob said on Monday Panfilo Tarantelli, founder and CEO of Tages Group, a London-based investment firm which controls Credito Fondario, had sold his entire stake in Carige as of Jan. 25.

In December, Credito Fondiario invested in Carige’s cash call as part of a deal to buy the bank’s debt collection unit and a portfolio of bad debts.

The contribution of Credito Fondiario and of other new investors such as British fund Chenavari helped Carige pull off the 540 million euro cash call despite a 66-percent take-up from the bank’s shareholders. Consob last month said Chenavari had cut its stake in Carige to 4.9 percent from 6.8 percent. (Reporting by Valentina Za; editing by Francesca Landini)

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