July 23, 2018 / 5:11 PM / 4 months ago

Carige top investor wants to remove current board

MILAN (Reuters) - Banca Carige’s (CRGI.MI) top investor Malacalza Investimenti said it had requested the troubled Italian bank’s board be removed, in an escalating governance spat which regulators say carries major risks.

Carige said on Sunday the European Central Bank had criticised in a letter last week the bank’s frequent top management changes, warning that Carige’s malfunctioning governance threatened its operations and reputation.

The ECB has rejected the bank’s latest capital plan and requested new measures to raise its total capital this year to a minimum level set by the supervisor, unless it embarked on a merger to win more time.

Malacalza Investimenti, top investor with a 20.6 percent stake after backing the bank’s three successive cash calls since 2014, said the executives currently leading Carige could not be entrusted with overseeing new measures demanded by the ECB.

Reporting by Valentina Za

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