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Italy's Carige warns of insufficient working capital in prospectus
November 22, 2017 / 7:55 AM / 21 days ago

Italy's Carige warns of insufficient working capital in prospectus

MILAN (Reuters) - Italy’s Banca Carige (CRGI.MI) warned that its working capital is not sufficient to satisfy its own needs for the next 12 months, the lender said in he prospectus for its imminent capital increase.

FILE PHOTO - The logo of Carige bank is seen in Rome, Italy, April 9 2016. REUTERS/Alessandro Bianchi

Carige also said it had not yet received the final SREP assessment by the European Central Bank, adding it could not rule out a request by the authority for additional capital strengthening measures.

The bank secured backing from core shareholders and underwriters for a vital 560 million euro (496 million pounds) cash call in a last-minute agreement signed on Friday.

The cash call starts on Wednesday and ends on Dec. 6.

Reporting by Francesca Landini and Valentina Za, editing by Giulia Segreti

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