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Banca Carige SpA Cassa di Risparmio di Genova e Imperia (CRGI.MI)

CRGI.MI on Milan Stock Exchange

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11 Dec 2018
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Latest Key Developments (Source: Significant Developments)

Italy's Carige approves capital plan, sets subordinated loan terms
Thursday, 29 Nov 2018 

Nov 29 (Reuters) - Banca Carige SpA Cassa di Risparmio di Genova e Imperia says::BOARD APPROVES CAPITAL CONSERVATION PLAN AND SETS TERMS OF SUBORDINATED LOAN.BOARD AUTHORISES TRANSFER OF BAD LOAN PORTFOLIO WITH GROSS BOOK VALUE OF 0.9 BILLION EUROS TO VEHICLE, WILL ASK FOR STATE GUARANTEE IN SECURITISATION PROCESS.WILL APPROVE NEW BUSINESS PLAN IN Q1 2019 IN LINE WITH ECB REQUESTS.BANK WILL CONSIDER MERGER TO REACH PLAN TARGETS.TO PAY 13 PERCENT YIELD ON 320-400 MILLION EUROS SUBORDINATED LOAN TO BE BOUGHT BY DEPOSITOR GUARANTEE FUND.EXPECTS TO LAUNCH CASH CALL OF UP TO 400 MILLION EUROS TO REPAY SUBORDINATED LOAN BY APRIL 2019.CLOSED ON NOV 9 366 MILLION EURO UNLIKELY-TO-PAY PORTFOLIO SALE.  Full Article

Carige to propose savings share conversion, reverse stock split
Tuesday, 20 Nov 2018 

Nov 20 (Reuters) - Banca Carige says::BOARD CALLS SHAREHOLDER MEETING ON DEC 22 TO APPROVE CAPITAL INCREASE OF UP TO 400 MLN EUROS.TO PROPOSE OPTIONAL CONVERSION OF SAVINGS SHARES.EXPECTS TO CARRY OUT CAPITAL INCREASE OF UP TO 400 MLN EUROS IN FIRST FEW MONTHS OF 2019.TO PROPOSE REVERSE STOCK SPLIT OF ORDINARY AND SAVINGS SHARES WITH RATIO OF 1 NEW SHARE FOR EVERY 1,000 ALREADY OWNED.SAVINGS SHARE CONVERSION RATE IS OF 20,500 ORDINARY SHARES FOR EACH SAVINGS SHARE.OPTIONAL CONVERSION OF SAVINGS SHARES, IF APPROVED, WOULD TAKE PLACE BEFORE REVERSE STOCK SPLIT.  Full Article

Banca Carige Q3 Net Loss At EUR 168.4 Mln
Monday, 12 Nov 2018 

Nov 12 (Reuters) - Banca Carige SpA Cassa di Risparmio di Genova e Imperia ::Q3 NET COMMISSIONS EUR 56.8 MILLION VERSUS EUR 58.5 MILLION IN Q2 2018.Q3 NET LOSS EUR 168.4 MILLION VERSUS LOSS EUR 26.9 MILLION Q2 2018.Q3 OPERATING REVENUES EUR 120.1 MILLION VERSUS EUR 117.4 MILLION IN Q2 2018.Q3 NET LOAN WRITEDOWNS EUR 189.8 MILLION VERSUS EUR 33.2 MILLION IN Q2 2018.PRO-FORMA CET1 RATIO 13.5 PERCENT AT END-SEPT.GROSS NPE RATIO 27.5 PERCENT AT END-SEPT VERSUS 26.8 PERCENT AT END-JUNE.NON PERFORMING EXPOSURES' COVERAGE RATIO 51.6 PERCENT AT END-SEPT VERSUS 52.0 PERCENT AT END-JUNE.TO MAKE CAPITAL STRENGTHENING OPERATION FOR EUR 400 MILLION TROUGH LINKED BOND ISSUE AND CAPITAL INCREASE.TO MAKE CONVERTIBLE BOND ISSUE BETWEEN EUR 320 MILLION AND EUR 400 MILLION.SUBSCRIPTION OF BOND FOR EUR 320 MILLION IS EXPECTED IN NEXT FEW DAYS ONCE VOLUNTARY INTERVENTION SCHEME FITD APPROVES IT.REMAINING EUR 80 MILLION TO BE OFFERED TO PRIVATE INVESTORS.SECURITIZATION UNDER STATE SCHEME GACS FOR BAD LOANS OF UP TO EUR 1 BILLION IN GROSS BOOK VALUE IS UNDERGOING.  Full Article

Banca Popolare Bari and Carige not failing -Italy's Tria
Wednesday, 31 Oct 2018 

Oct 31 (Reuters) - Banca Carige SpA Cassa di Risparmio di Genova e Imperia ::BANCA POPOLARE BARI AND CARIGE ARE NOT FAILING OR LIKELY TO FAIL.  Full Article

Carige to approve capital measures by November 12, hires UBS on tie-ups
Tuesday, 23 Oct 2018 

Oct 23 (Reuters) - Italy's Banca Carige says::BOARD APPROVED SALE OF UNLIKELY-TO-PAY PORTFOLIO WORTH 366 MILLION EUROS TO BAIN CAPITAL CREDIT.CONFIRMS DEADLINE OF NOV 30 FOR CAPITAL CONSERVATION PLAN BUT WILL ADOPT MEASURES TO MEET TOTAL CAPITAL RATIO REQUIREMENT BY NOV. 12.HIRED UBS AS FINANCIAL ADVISER TO EXPLORE POTENTIAL STRATEGIC ALLIANCES.  Full Article

Carige Says Mgmt Is Committed To Ensuring Timely Compliance With Capital Requirements
Monday, 24 Sep 2018 

Sept 24 (Reuters) - Banca Carige SpA Cassa di Risparmio di Genova e Imperia ::SAYS WILL ANNOUNCE OPERATIONAL AND STRATEGIC PLAN IN THE REQUIRED TIMES.PHASED-IN CET1 RATIO AT 30 JUNE 2018 IS 11.9%, PHASED-IN TOTAL CAPITAL RATIO AT 30 JUNE 2018 AT 12.0%.MANAGEMENT IS COMMITTED TO ENSURING TIMELY COMPLIANCE WITH THE REQUIREMENTS.  Full Article

Carige top investor Malacalza says will continue to support bank
Thursday, 20 Sep 2018 

Sept 20 (Reuters) - Banca Carige::NEW CARIGE CHAIRMAN SAYS DEADLINES POSED BY ECB ARE REASONABLE, "WE KNOW WHAT WE NEED TO DO".NEW CARIGE CHAIRMAN MODIANO SAYS CONFIDENT TOP SHAREHOLDER MALACALZA WILL CONTINUE TO SUPPORT BANK IN ANSWER TO QUESTION OVER POSSIBLE CAPITAL NEEDS.CARIGE SHAREHOLDER DAVIDE MALACALZA SAYS WILL CONTINUE TO SUPPORT BANK WHEN ASKED ABOUT POSSIBLE CAPITAL NEEDS.  Full Article

Carige's top investor gets majority of votes in board renewal
Thursday, 20 Sep 2018 

Sept 20 (Reuters) - Banca Carige::BOARD NOMINEE LIST BACKED BY CARIGE'S TOP SHAREHOLDER MALACALZA GETS 52.58 PERCENT OF VOTES.BOARD NOMINEE LIST BACKED BY CARIGE SHAREHOLDER MINCIONE GETS 28.86 PERCENT OF VOTES.  Full Article

Carige's top investor appoints 7 out of 11 board members
Thursday, 20 Sep 2018 

Sept 20 (Reuters) - Banca Carige::TOP SHAREHOLDER MALACALZA APPOINTS 6 OUT OF 11 MEMBERS OF BANK'S NEW BOARD.MALACALZA'S BOARD NOMINEE LUCIA CALVOSA REPLACES ANGELO BUSANI AS BOARD MEMBER DUE TO REQUIREMENTS ON BOARD REPRESENTATION OF WOMEN, BRINGING TOTAL DIRECTORS APPOINTED BY MALACALZA TO 7.CARIGE SHAREHOLDERS APPOINT FORMER INTESA SANPAOLO BANKER PIETRO MODIANO AS NEW CHAIRMAN.LIST BACKED BY ITALIAN FINANCIER MINCIONE GETS THREE BOARD SEATS.  Full Article

Malacalza Investimenti buys more than 2 bln Carige shares between Aug 6-31
Wednesday, 5 Sep 2018 

Sept 5 (Reuters) - Banca Carige::MALACALZA INVESTIMENTI HAS BOUGHT MORE THAN 2 BILLION BANCA CARIGE SHARES BETWEEN AUG 6-31 - FILING.MALACALZA INVESTIMENTI HAS BOUGHT 187.85 MILLION BANCA CARIGE SHARES AFTER AUG 23 WHEN ITS STAKE STOOD AT 23.96 PERCENT.  Full Article

Banco BPM reaches bad loan deal with Credito Fondiario, Elliott

MILAN Banco BPM said on Monday it had agreed to sell up to 7.8 billion euros (6.97 billion pounds) in bad loans along with a stake in its debt recovery business to Credito Fondiario and U.S. fund Elliott, confirming what sources previously told Reuters.