July 23, 2019 / 9:55 AM / a month ago

Italy banks start Carige's rescue through FITD fund

MILAN, July 23 (Reuters) - Italy’s depositor protection fund (FITD) on Tuesday gave its green light to convert around 313 million euros ($350 million) of a Carige’s bond it holds into shares, paving the way for the rescue of the ailing bank.

The bonds held by the fund will be converted into shares for the same amount, FITD Managing Director Giuseppe Boccuzzi said, adding the rescue plan envisages a 700 million euro ($783 million) right issue and a new convertible bond for 200 million euros.

The right issue will be covered by the FITD members, cooperative lender Cassa Centrale Banca and Carige’s current shareholder for an amount of up to 150 million euros, Boccuzzi said.

$1 = 0.8945 euros $1 = 0.8945 euros Reporting by Stefano Bernabei, writing by Giulio Piovaccari, editing by Francesca Landini

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