MILAN May 28 The cash-strapped banking
foundation that is the top investor in Italy's Banca Carige
is still seeking a buyer for part of its stake in the
mid-sized lender after a disappointing share placement earlier
this month, a source close to the foundation said.
The Carige foundation has a stake of 29.85 percent in the
lender, one of 15 Italian banks being scrutinised by European
regulators, and is looking to cut its holding to 19 percent.
Earlier this month it sold an 11 percent stake in the bank,
which is planning to launch an 800-million euro rights issue
next month to bolster its finances.
The size of the stake was smaller than what the foundation
had wanted to place, and it had to sell at a deep discount,
prompting a sharp fall in the bank's shares.
"We are still looking for a partner to cut the stake to 19
percent," the source said.
The source added the foundation may take legal action to
seek compensation after the bank's former chairman Giovanni
Berneschi was arrested on May 22 over allegations of fraud.
(Reporting by Andrea Mandala, writing by Silvia Aloisi)