July 9, 2014 / 10:47 AM / in 4 years

UBS cuts stake in Italy's Banca Carige to 1.8 pct-Consob

MILAN, July 9 (Reuters) - Swiss-based bank UBS downsized its stake in Italian mid-sized lender Banca Carige to 1.8 percent from 4.05 percent on June 30, a regulatory filing by Italian market regulator Consob showed on Wednesday.

Carige said on Friday it had raised 798.2 million euros ($1.09 billion) in a highly-dilutive rights issue that was 99.9 percent subscribed, strengthening its balance sheet ahead of a European review of banking assets.

Reporting by Oleg Vukmanovic; editing by Agnieszka Flak

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