By Reuters Staff
2 Min Read
ROME, March 16 (Reuters) - Cassa Centrale Banca (CCB) has decided not to buy Banca Carige, a source close to the matter said on Tuesday, leaving Italy’s depositor protection fund to find it another partner.
Genoa-based Carige is 80% controlled by FITD, which is financed by contributions from Italian banks, after a rescue in 2019 saw the fund pump 600 million euros ($714 million) into the loss-making bank, for a stake now valued at 104 million euros.
CCB and Carige both declined to comment.
As a fund financed by lenders, FITD cannot be a long-term investor in a bank. Its steering committee meets on Wednesday and it is expected to renew its support for Carige in the near time as it seeks an alternative solution.
Losses tripled vs business plan forecast amid pandemic CCB has option to buy Carige but interest has waned
MILAN, March 15 (Reuters) - Italy’s Cassa Centrale Banca (CCB) is reconsidering the terms at which it could take a controlling stake in rival Carige in light of mounting losses at the Genoa-based bank, three sources close to the matter said on Monday.
Unlisted CCB currently holds 8% of Carige following a rescue in 2019 led by Italy’s FITD depositor protection fund - which is financed through contributions by Italian banks - and has an option to acquire FITD’s 80% stake at a steep discount by the end of 2021.
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MILAN, Feb 12 (Reuters) - The arrival of star dealmaker Andrea Orcel at the helm of UniCredit risks complicating Rome’s bid to clinch a rescue deal for problem bank Monte dei Paschi di Siena.
Generous tax incentives designed to pave the way for a sale of Monte dei Paschi (MPS) are seen spurring other Italian bank mergers in 2021, and UniCredit is weighing its options after rival Intesa Sanpaolo last year secured a fifth of the market with its UBI takeover.
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MILAN, Jan 26 (Reuters) - UniCredit is set to name Andrea Orcel as chief executive, a person familiar with the matter said on Tuesday, putting one of Europe’s best-known dealmakers at the helm just as the coronavirus crisis is pushing banks to merge.
Orcel’s nomination would mark a return to the top tier of finance for the Italian, who left his senior investment banking role at UBS in 2018 to run Santander, only for the Spanish bank to rescind the offer in a row over pay.