January 2, 2019 / 6:21 AM / 9 months ago

Italy's watchdog suspends trading in Carige shares - report

MILAN, Jan 2 (Reuters) - Italy’s market watchdog Consob has decided to suspend trading in shares of troubled lender Banca Carige for a day, daily Il Sole 24 Ore reported on Wednesday.

The Genoa-based bank last month failed to win shareholder backing for a share issue worth 400 million euros ($459 million) that was part of a rescue plan financed by Italian lenders to shield the industry from the risk of another banking collapse.

The European Central Bank, which supervises directly Italy’s 10th largest bank, has told Carige to complete its capital strengthening plan and seek a merger with a stronger partner.

Consob’s decision came ahead of possible actions from the European Central Bank on Banca Carige, expected as soon as on Wednesday morning, including putting the lender under special administration, the report added.

$1 = 0.8711 euros Reporting by Giulio Piovaccari, Editing by Sherry Jacob-Phillips

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