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Carige, the big partners are ready

01 November, Milano Finanza

The big partners of Banca Carige might round up their shares during the imminent capital increase of 560 million euro. According to rumours, the Malacalza family (nowadays the first shareholder with 17.6%) could buy the share capital not taken up reaching nearly 20%. This option is also currently evaluated by Gabriele Volpi which is at 6% and could reach in this way 10%. After all, the Malacalza family has shown several times its will to support Carige financially (and it has invested 260 million so far in the bank) and the Board of Directors has defended the option right. During the road show that took place in the past few weeks, the Ceo Paolo Fiorentino assessed the interest of some institutional investors in the dossier and a stronger presence of equity funds after the increase cannot be excluded. The file might be sent to Consob in the next weeks for the authorizations. If the procedure goes flawless, the Board of Directors will meet on Wednesday 15th November to set the base price according to the dispositions of its advisors Credit Suisse and Deutsche Bank. In those days, the consortium will be completed with the entry of Barclays and it will sign the underwriting agreement concluding in this way the operation to launch the offer. According to the preliminary agenda, the operation should be launched Monday 20th November and close and Thursday 7th December. In the meanwhile, the bank signed yesterday the preliminary contract for the transfer to Antirion of its office in Milan in Corso Vittorio Emanuele. The total value of the deal is 107.5 million and the deed is scheduled for 30th November 2017. The operation (with the assistance of Jones Lang La Salle) has been completed by the core division of Antirion Global, a trust fund managed by Antirion SGR and Fondazione Enpam as the only shareholder. For the bank, this is an important achievement, especially because the capital gain of approximately 80 million will strengthen the capital. The transfer of the other seven properties and of the subsidiary Creditis will take longer.

In the meantime, the transfer process of the bad loans goes on. After the securitisation for 938 million closed last Summer, Carige has put on the market a 1.2 billion portfolio that should be transferred by the end of the year. Short-listed there are Davidson Kempner-Prelios, the team Bayview Capital-Crif and Lindorff-Intrum Justitia with Credito Fondiario and they’re expected to submit the binding offers by Friday 10th.

Yesterday the Board of Directors approved the results of the first nine months that have closed with 210.4 losses compared to the 223 million of the same period of 2016. The costs for an amount of 84 million related to the first tranche of non-performing loans transferred weights on the result, plus 47 million for system costs and deferred fees together with provisions for risks and expenses for 22.7 million in total. In the third quarter, the net result has been -55.5 million (-39.6 million yearly). For what concerns bad loans, the non-performing exposures have gone down by approximately one billion thanks to the securitisation of 938 million non-performing loans last summer and it’s now set at 6.3 billion with an average level of 47% including adjustments. Bad loans, net of transfers, are below 3-billion-euro gross (1 billion net) with a coverage rose to 67.5% from the 64.7% at the end of 2016. The unlikely to pay are stable with 3.2 billion gross (2.3 net) with a coverage of 28.5%.

Source: Milano Finanza

Translator: Cristina Ambrosi

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