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BANCA CARIGE S.P.A. - CASSA DI RISPARMIO DI GENOVA E IMPERIA

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Banca Carige S p A Cassa di Risparmio di Genova e Imperia : Italy's Carige hires BCG as adviser, says tie-up still main goal

10/13/2021 | 12:55pm EST

MILAN, Oct 13 (Reuters) - Italy's Banca Carige has hired Boston Consulting Group to help it study ways to develop its business, including through a merger which remains the troubled lender's main goal.

Genoa-based Carige said in a statement on Wednesday it would continue to pursue a tie-up even after tax incentives for bank mergers expire at the end of the year.

Loss-making Carige is controlled by Italy's FITD depositor protection fund after being rescued by healthier peers back in 2019 at a cost of 700 million euros ($810 million).

It has warned it needs another 400 million euros in capital by the third quarter of 2022.

The FITD fund is struggling to find a buyer for the bank after rival Cassa Centrale Banca earlier this year walked away from a potential acquisition. ($1 = 0.8639 euros) (Reporting by Maria Pia Quaglia; editing by Valentina Za)


© Reuters 2021
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Financials
Sales 2020 -107 M -120 M -120 M
Net income 2020 -803 M -907 M -907 M
Net Debt 2020 8 083 M 9 133 M 9 133 M
P/E ratio 2020 -0,30x
Yield 2020 -
Capitalization 461 M 522 M 521 M
EV / Sales 2019
EV / Sales 2020 -86,5x
Nbr of Employees 3 283
Free-Float 20,0%
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Managers and Directors
Francesco Guido Chief Executive Officer & Director
Fabio Massimo Genovese Chief Financial Officer
Sabrina Bruno Independent Director
Paola Demartini Independent Director
Gaudiana Giusti Independent Director