Italy ON BRINK: Now THIRD Italian Bank Demands Cash Injection as It Sinks in Bad Loans
- Italy ON BRINK: Now THIRD Italian Bank Demands Cash Injection as It Sinks in Bad Loans
by TOM PARFITT & MONIKA PALLENBERG, http://www.express.co.uk/
ONE of Italy’s biggest banks held crisis talks today after it was told to raise money as the country’s financial troubles deepen.
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The European Central Bank has urged Banca Carige, which is based in the city of Genoa, to raise capital and shed bad loans. But its restructuring has been delayed by a governance spat which led to the appointment of a new CEO last month. Paolo Fiorentino took charge of the regional lender after a vote of no-confidence in his predecessor, Guido Bastianini.
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Mr Bastianini reportedly fell out with Vittorio Malacalza, the bank’s top investor, before his dramatic departure. Three board members have resigned since in disagreement. Carige has lost nearly €2billion (£1.75bn) in the past four years because of big loan writedowns and slumping revenues. The bank, the ninth largest in Italy, held a board meeting this morning to discuss its financial woes.
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