Banca Carige S.p.A. - Cassa di Risparmio di Genova e Imperia

CRG

IT0005428195

Banca Carige : says ECB made no reference to possible resolution

August 07, 2018 at 06:35 pm EDT

MILAN (Reuters) - Banca Carige said on Tuesday the European Central Bank had not made any reference to a possible resolution of the Italian bank, dismissing a risk flagged by Moody's ratings agency following a downgrade.

In a separate statement, the lender said it would enter exclusive talks with Bain Capital until Oct. 15 regarding the sale of an unlikely-to-pay loan portfolio with a gross book value of up to 400 million euros (£358.47 million).

Earlier on Tuesday, Moody's had downgraded Carige and placed it under review for further downgrade, citing governance tensions which it said were "an impediment to the bank's effective restructuring".

It also said there was "the heightened risk that Carige could be placed in resolution" after the European Central Bank rejected the lender's capital conservation plan last month.

Carige said the ECB's decision "does not contain any reference to a possible resolution".

($1 = 0.8624 euro)

(Reporting by Agnieszka Flak in Milan)

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Company Profile

Banca Carige SpA Cassa di Risparmio di Genova e Imperia is an Italy-based company engaged in the financial sector. It offers banking, finance, pension fund and insurance services. The Company also operates in the fields of insurance, supplementary pension schemes and assurances. It operates though four segments. The Liguria segment serves customers at branches of the parent bank in the local geographic area. The Outside Liguria includes within it the new Banca Carige Italia, together with the results of subsidiary banks, located in the geographical areas outside Liguria. The Other Operating segment includes remaining customers and the other Group companies that perform asset management, insurance, financial and instrumental activities. The Netting and unallocated items segment is engaged in the regulations for reporting intra-group netting and reconciliation items compared to the accounting figures. It operates through Cassa di Risparmio di Savona SpA.

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