July 6, 2018 / 6:03 PM / 10 days ago

Italy's Banca Carige board member resigns following divergences

MILAN (Reuters) - Italy’s Banca Carige (CRGI.MI) said on Friday board member Francesca Balzani had resigned due to “divergences over the governance of the bank” — the third senior figure to leave the lender in less than 10 days.

Last week the Genoa-based firm announced chairman Giuseppe Tesauro would leave due to a row over the running of the bank, in the latest blow to Carige’s attempts to fix its corporate governance. Days after Tesauro left, independent director Stefano Lunardi also resigned, citing similar reasons.

Carige said in Friday’s statement that Balzani’s resignation would take effect at the next shareholder meeting, which is due to appoint the new chairman. It did not say when that might be.

The bank has long been dogged by governance issues and investment bankers say concerns over potential shareholder conflicts are complicating its search for a merger partner.

Reporting by Giulia Segreti; Editing by Crispian Balmer

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