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.