Carige's top shareholder starts placement of 15 pct stake

MILAN Tue May 20, 2014 12:21pm EDT

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MILAN May 20 (Reuters) - The top shareholder in Banca Carige has started to place a stake of around 15 percent in the Italian mid-sized lender.

"The operation starts immediately and the Fondazione Carige reserves the right to close it at any time," the banking foundation said in a statement on Tuesday.

Banca IMI and Credit Suisse Securities are joint-bookrunners of the offer which is reserved for institutional investors.

(Reporting by Valentina Za)