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(Visited 43 times, 1 visits today)

Carige sold to Bain UTPs for 366 million

24 October, Milano Finanza

Carige is continuing its de-risking process with the approval by the Board of the transfer to Bain Capital Credit of an unlikely to pay portfolio for a gross value of 366 million euro. The Board headed by Pietro Modiano announced the operation yesterday, appointing the Ceo Fabio Innocenzi for the finalisation of the transaction. Unlikely to pays are those credits for which a total repayment is not sure, and they’re less risky than bad loans.

Concerning the capital conservation plan, the deadline has been confirmed for 30th November. The plan, in fact, must be submitted to the ECB by the end of November. However, the resolutions concerning the measures for the respect of the total capital ratio will be effective on the date of the approval of the third quarter results (30th September) set for 12th November.

Moreover, following the announcement on 11th October and “confirming the commitment of the Board and the staff to continue with the bank’s operational turnaround”, the Board appointed Ubs as the financial advisor to evaluate potential strategic alliances.

As Milano Finanza wrote, the Board will give the green light for the subordinate bond worth 200 million euro which will be launched in the next weeks. The operation is meant to be carried out through private placement, and it will involve the bank’s main stakeholders.

Finally, the Board constituted yesterday an Expense and Properties committee headed by the president Salvatore Bragantini to manage the administrative expenses and the real estate assets.

Source: Milano Finanza

Translator: Cristina Ambrosi

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