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

CRGI.MI on Milan Stock Exchange

0.25EUR
26 May 2017
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Latest Key Developments (Source: Significant Developments)

Banca Carige picks advisers for cash call, bad debt sale
Friday, 12 May 2017 11:52am EDT 

May 12 (Reuters) - Italian lender Banca Carige says::picks Credit Suisse, Deutsche Bank and Goldman Sachs as advisers for an upcoming capital increase and planned bad debt sales .  Full Article

Italy's Carige posts 41 mln euro Q1 loss, hit by further loan writedowns
Tuesday, 9 May 2017 01:50pm EDT 

May 9 (Reuters) - Italy's Banca Carige says: :first-quarter net loss 41.1 million euros, after net loan writedowns of 76.2 million.CET 1 phased in 10.9 percent, below ECB's recommended threshold of 11.25 percent.aims to raise CET 1 ratio above the recommended threshold with measures included in the update of the 2016-20 strategic plan.gross non-performing-loans at 7.3 bln euros, coverage 46.4 percent on March 31 .liquidity coverage ratio 119 percent, above SREP target of 90 percent.has booked gross charges of 14.5 million euros, including writedown of Atlante stake of 3.5 million euros and contribution to resolution fund of 7.5 million euros.Further company coverage: CRGI.MI.  Full Article

Italy's Carige aims to launch cash call over the summer
Tuesday, 28 Mar 2017 11:12am EDT 

Banca Carige CEO Guido Bastianini says: Aims to hold board meeting in late April or early May to set date of shareholder meeting called to approve 450 million euro share issue . Aims to launch share issue over the summer . Possible debt-to-equity swap would target up to around 500 million euros in junior debt and 160 million euros in perpetual bonds Further company coverage: [CRGI.MI] (Reporting by Milan Newsroom).  Full Article

Banca Carige still waiting for ECB feedback on its plan
Tuesday, 21 Mar 2017 04:19pm EDT 

Italy's Banca Carige says: it has not yet received any feedback from European Central Bank (ECB) supervisors on its new business plan . it received final assessment of the ECB's on-site loan inspection on March 6 . ECB's final assessment did not request any further loan writedowns, but noted deficiencies in the bank's lending practices . it must provide answers to the ECB by April 5 indicating measures undertaken to solve flaws in its lending practices . lender still seeking to set up a consortium to guarantee share sale . it may need third parties to invest in bank's bad loan vehicle in order to be able to deconsolidate bad debts . Italian market watchdog Consob has asked the bank to give an update on the implementation of the industrial plan in its quarterly financial statements, starting from March 31. Further company coverage: [CRGI.MI] (Reporting by Milan newsroom).  Full Article

Toscafund trims stake in Italy's Carige ahead of bank's planned cash call
Friday, 10 Mar 2017 10:11am EST 

Banca Carige: Toscafund Asset Management held 4.53 percent of the Genoa-based bank as of March 3, down from 5.12 percent as of Feb. 18 - regulatory filing . Carige said on Feb. 28 it plans to raise up to 450 million euros ($478 million) in a share issue as it strives to offload bad debts. [nL5N1GD7KV] Further company coverage: [CRGI.MI] ($1 = 0.9411 euros) (Reporting by Milan Newsroom).  Full Article

Apollo rejects accusations related to Carige asset acquisition
Friday, 3 Mar 2017 12:46pm EST 

Banca Carige: Insurance Amissima, controlled by U.S. private equity firm Apollo, says it rejects accusations by the board of Banca Carige related to its acquisition of the bank's insurance assets . Amissima says has filed a request for damages for over 200 million euros . Amissima says allegations in documents prepared for the bank shareholders' meeting on March 28, which is due to vote whether to proceed against Apollo, are "misleading" . Amissima says that bank could face serious economic consequences should its shareholders vote in favour of suing Apollo's executives over the bank's insurance assets acquisition Further company coverage: [CRGI.MI] (Reporting by Milan newsroom).  Full Article

Carige CEO says looking at Tier 1, Tier 2 bonds for possible conversion
Tuesday, 28 Feb 2017 12:53pm EST 

Banca Carige CEO says: Looking at both Tier 1 and Tier 2 bonds for possible conversion . To start contacts with bondholders soon and is confident they may be interested . Vehicle for bad loan spin-off will be funded through dedicated interbank loan and may securitise part of the portfolio to raise money Further company coverage: [CRGI.MI] (Reporting by Milan Newsroom).  Full Article

Carige has no pre-underwriting contract yet for cash call - CEO
Tuesday, 28 Feb 2017 12:38pm EST 

Banca Carige CEO Guido Bastianini tells analyst call: There have been "positive" preliminary contacts with investment banks but no pre-underwriting contract yet in place for share sale . Owners of vehicle for bad loan spin-off will be bank's current shareholders . Identical shareholder base may pose a problem when it comes to de-consolidating vehicle from bank's balance sheet . Vehicle's capital structure to be one-third equity and two-thirds debt Further company coverage: [CRGI.MI] (Reporting by Milan Newsroom).  Full Article

Carige eyes 950 mln euro bad loan securitisation, 2.4 bln euro spin-off
Tuesday, 28 Feb 2017 12:16pm EST 

Banca Carige says in presentation slides on its website: Plans to securitise around 950 million euros in bad loans, spin off 2.4 billion euros into vehicle to be deconsolidated by end-2017 . To place bad loan vehicle's debt on the market and possibly open capital to third-parties . The ECB requested 32 percent coverage ratio for unlikely-to-pay loans in 2017, 18 percent coverage for past due loans, 63 percent coverage ratio for bad loans . The ECB wants bank to cut non performing loans to 5.5 billion euros in 2017, 4.6 billion euros in 2018, 3.7 billion euros in 2019 Further company coverage: [CRGI.MI] (Reporting by Milan Newsroom).  Full Article

Banca Carige says ECB has asked it for plan to tackle bad loans
Tuesday, 13 Dec 2016 12:48pm EST 

Banca Carige says: The European Central Bank has set a minimum CET1 ratio of 9 percent as of Jan 1, 2017 . The ECB has asked the bank to maintain a total SREP capital requirement of 11.25 percent, this could be lowered if bad loans fall .The ECB has given bank until Feb. 28 to present a plan to reduce its non-performing loans.  Full Article

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