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Generali CEO says conversion of Carige bond not on the agenda
September 1, 2017 / 11:12 AM / 23 days ago

Generali CEO says conversion of Carige bond not on the agenda

CERNOBBIO, Italy, Sept 1 (Reuters) - Assicurazioni Generali has no plan to convert into shares an 80 million euro perpetual bond issued by troubled lender Banca Carige, the CEO of Italy’s biggest insurer said on Friday.

“It’s not on the agenda,” CEO Philippe Donnet told reporters on the sidelines of the Ambrosetti business conference.

Carige is considering whether to launch a debt-to-equity conversion offer as part of its capital-strengthening plan.

Donnet added Generali did not want to increase its holdings in Italian banks after becoming the second biggest shareholder in bailed out lender Monte dei Paschi di Siena through a debt-to-equity swap. Generali has a 4.3 percent stake in the Tuscan lender. (Reporting by Valentina Za and Gianluca Semeraro)

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