December 22, 2018 / 2:38 PM / 8 months ago

Top shareholder in Carige prevents cash call approval

GENOA, Italy, Dec 22 (Reuters) - The top investor in Banca Carige on Saturday prevented the troubled Italian bank from approving a 400 million euro cash call by abstaining in a shareholder vote.

Malacalza Investimenti, the holding company of businessman Vittorio Malacalza, told a shareholder meeting that it did not oppose in principle a further capital injection at Carige, but wanted first to have more details on the bank’s new business plan and merger options.

Carige has been rescued by the country’s other lenders which last month bought a 320 million euro subordinated bond that the bank has been unable to issue on the market. Saturday’s cash call was a key element of a recapitalisation plan that received on Friday a green light from the European Central Bank. (Reporting by Andrea Mandala, writing by Valentina Za, editing by John Stonestreet)

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