Key Developments: Banca Carige SpA Cassa di Risparmio di Genova e Imperia (CRGI.D)

CRGI.D on Dusseldorf Stock Exchange

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24 Apr 2015
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Latest Key Developments (Source: Significant Developments)

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia says watchdog asked to annual 2013 accounts
Saturday, 10 Jan 2015 07:00pm EST 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Says Italy's market watchdog has asked an Italian court to annul the company's 2013 financial statement after saying the bank did not used proper accounting rules to calculate it, according to the lender.Says it had already corrected some of the issues watchdog Consob had contested and that it believed the court would not annul its statement.Says the court's review of its accounts is the latest blow for Italy's No. 10 bank, which failed to pass an Europe-wide health check of the sector in Oct. and needs to raise 700 million euros in the coming months to strengthen its capital.Says a year ago Consob questioned the accounting rules used by the bank to determine the value of its shareholdings in banking and insurance units and its goodwill, Banca Carige said.Says the mid-sized lender booked 1.1 billion euros in loan-loss provisions and a further 1.7 billion charge in its 2013 financial statement as it wrote down by 94 percent the goodwill value of banks and branch networks bought in the past.Says it posted a net loss of 1.76 billion euros in the whole 2013.  Full Article

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia reaches partnership agreement with Apollo Management Holdings LP over insurance units
Tuesday, 28 Oct 2014 04:17am EDT 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Banca Carige announces it has reached an agreement with Apollo Management Holdings LP to enter into a Bancassurance partnership whereby the Bank will sell to Apollo 100 pct of the shares it owns in Carige Assicurazioni SpA and Carige Vita Nuova SpA.Says it will also enter into a long-term agreement with such companies for the distribution of life and non-life insurance products.The shares of both companies will be transferred for an overall consideration of 310 mln euros that will be paid entirely in cash at completion of the transaction.The transaction is subject to competent Authorities' approval.The signing of the agreement will take place in the first days of this week, while the completion of the transaction will likely take place, in light of the timing required for obtaining the necessary authorizations, in the first quarter of 2015.  Full Article

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia extends exclusive talks with Apollo over insurance units-Reuters
Wednesday, 15 Oct 2014 08:00pm EDT 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Italy's Banca Carige said on Thursday it was extending until the end of next week exclusive talks with Apollo Management Holdings over the sale of its Carige Assicurazioni and Carige Vita Nuova insurance units-Reuters.The mid-sized lender had said at the end of Sept. it was prolonging the exclusive negotiations with Apollo until Oct. 15.  Full Article

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia signs accord with trade unions-Reuters
Friday, 3 Oct 2014 12:18pm EDT 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Italy's Banca Carige said it will save more than 50 million euros a year from an accord with trade unions signed on Oct. 3-Reuters.The accord also introduces pay cuts for employees and will ensure at least 600 people retire by the end of 2018.  Full Article

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia sells 7.40 pct stake in Esaote SpA
Monday, 14 Jul 2014 11:44am EDT 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Says it sold its stake made of 2,231,440 shares representing a 7.40 pct stake in Esaote SpA, to Ares Life Sciences LP.The corresponding value of the transaction amounts to about 17 mln euros.Carige holds a remaining stake equal to a 0.77 pct stake.  Full Article

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia concludes fully subscribed share capital increase
Friday, 11 Jul 2014 11:43am EDT 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Says it concluded, with the entire subscription, the share capital increase offer for the 7,992,888,534 newly issued ordinary shares.The offer concluded with the entire subscription of the shares for a total of 799,288,853.40 euros.  Full Article

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia concludes share capital increase
Friday, 4 Jul 2014 12:43pm EDT 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Says it concluded the share capital increase.Says 99.9 pct of the offer was subscribed for a total of 798,170,398.20 euros.The non subscribed option rights will be offered from July 8.  Full Article

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia approves final conditions for share capital increase
Thursday, 12 Jun 2014 12:28pm EDT 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Says the Board approves the final conditions of the share capital increase in option for 800 mln euros.The offer entails the offer of 93 ordinary shares every 25 shares already held, at the unified price of 0.10 euros.The offer will commence on June 16.The Board decided to issue maximum 7,992,888,534 ordinary shares at a subscription price of 0.10 euros per newly issued share and 0.05 euros as share premium.The maximum value of the offer will equal 799,288,853.40 euros.  Full Article

Moody's downgrades Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia's ratings; outlook negative-Reuters
Tuesday, 8 Apr 2014 02:50pm EDT 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Moody's cut Carige's long-term issuer and deposit ratings by one notch to Caa1-Reuters.It also lowered the bank's standalone baseline credit assessment by one notch to Caa3.The outlook on the ratings is negative.  Full Article

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia to increase share capital by 800 mln euros
Friday, 28 Mar 2014 02:45am EDT 

Banca Carige SpA Cassa Di Risparmio Di Genova e Imperia:Decides to exercise its right towards a share capital increase for 800 mln euros, through issuance of shares, without nominal value.The Board of Directors will determine the terms and conditions of the share capital increase.  Full Article

Carige says will not make bond interest payment due Dec. 4

MILAN, Nov 11 - Banca Carige said on Tuesday it would exercise its right not to pay interest due Dec. 4 on a subordinated bond.

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