August 30, 2019 / 5:24 PM / 22 days ago

Italy's Carige expects to return to profit in 2021

FILE PHOTO: The logo of the Carige bank is seen in Rome, Italy September 20, 2018. REUTERS/Max Rossi

MILAN (Reuters) - Struggling Italian lender Carige (CRGI.MI) said on Friday it would swing to profit in 2021 under a rescue plan based on a 700 million euro ($780 million) rights issue that the bank’s shareholders will have to approve on Sept. 20.

In documents published ahead of the shareholder meeting, the bank said it had posted a loss of 428.5 million euros in the first half of this year.

The bank also said it would exceed its CET1 ratio and overall capital requirement targets, which were set by the European Central Bank over the period to 2023.

Reporting by Francesca Landini; Editing by Mark Bendeich

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