Tuesday , March 21 2023

Institute in Difficulty – Carige, violent blow on the stock exchange: -48.7%. The bank at Piazza Affari is worth 100 million Liguria | economy


Everyone: "I'm sure Carige will do it"

President of the Everyone Region talks about Carige after the morning of the scholarship: "We do not have a difficult time for all, but we are sure Carige can do it and it will do it"

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Genoa – Carige Bank is over "On the carpet" on the scholarship, investors struggling to leverage the capital increase of 400 million euros, halved after 219 million "adjustments" to the loans sent the accounts for the first nine months in the "red" for 190 million.

The title, which was suspended from trading to avoid "volatility", failed to deal with most of the session. Only at the end of the traded shares at the end of the day ("half-way") (-48.65%, 0.0019 €). A downward spiral is not entirely unexpected, given that the bank will face, as Akros Bank analyst pointed out, a "hyper-thin" growth destined to destroy shareholders who do not have to sign it.

Carige's capitalization fell just over 100 million, one fifth of the growth ended in December 2017 and a quarter of what the bank will ask in March next year. The resources that will be used to repay the subordinated bonds that will be subscribed for the banking system of 320 million euros through the voluntary system of the Interbank Fund and up to 80 million from the large shareholders. Of these, however, only Raffaele Mincione has given the will to take over 20 million.

"With asset consolidation, we have completed our first mission. Once the emergency phase is over, let's start looking at the future working on the bank's commercial plan and re-launch, "reiterated Carige's CEO, Fabio Innocenzi, meeting his employees with President Pietro Modiano.

President Abi, Antonio Patuelli, said the 320 million Fitd were not "lost", trusting that the loan could be "fully repaid in a few months" due to the "success" of growth. It will not be easy afterwards the bank has "burned" 2.2 billion euros in 5 years. The industrial plan will make Innocenzi work, which has met with the trade unions today, to convince investors to bet back to the bank. And to do this, it will be impossible to talk about a merger: "Difficult" to do, says Equita, if you do not take any major steps in reducing the Npl, now over 25% of assets, but with a target at the end of 15 8%.

In any case, the bank "is safe", Modiano reiterated, given that, if growth is to be deserted, Fitd will convert bonds into shares within the limit of 49.9% of the capital (keeping the rest): "The fund will be reimbursed," he said Victor Massiah, Ad de Ubi, excluding the fact that "we will intervene" to take Carige.

"What Carige can do and who will do it, we are fully convinced," Liguria governor Giovanni Toti, confident partners and leadership "know how to find great agreements to revive a fundamental bank" for Liguria. Thursday the council will meet convene the meeting on 21 December and group the actions.

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