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Algebris joins Carige

21 November, Monitor Immobiliare

New partners for Banca Carige. The new shareholding structure of the bank from Genoa will see new shareholders joining the old partners with stakes around 2-3%. Among these, according to Il Sole 24 Ore, there will be the fund Algebris with a 2% participation.

Among the shareholders there will be also Credito Fondiario, that, according to rumours, should have signed an exclusive agreement for the NPL portfolio of the bank, and it will also buy the consumer credit platform Creditis. Others give the group Santander as the favourite.

Unipol, Intesa Sanpaolo, and Generali might underwrite the part regarding the capital increase, namely 600 million, reserved to senior bondholders. A share around 0.3% should go to the Carige Foundation, once got the approval from Mef, while Coop Liguria will cover the increase of 1.76%.

Included in the capital of the bank there are also the fund Tosca with 2% (it used to hold 5% of Carige in the past, that its stake was reduced) and Marshall Wace, a hedge fund that entered in the bank’s capital in 2016.

Source: Monitor Immobiliare

Translator: Cristina Ambrosi