The Banca Carige Board of Directors that gathered last week has confirmed the three lines to follow to get back on track. Capital increase, sales of properties (and shares), and transfer of bad loans. Three important steps that will be completed by the new strategic industrial plan that the Ceo Paolo Fiorentini will present to the financial community the next 13th September (and that the Board will have drafted the day before).
Let’s start with the capital increase. The Board gathered last week has confirmed the decision to proceed mainly with a capital increase operation, in tranches and with a recognized subscription right (except for the tranche potentially reserved for the recipients of the possible liability management operation). The Board, reads the memo published by the group, “acknowledged that the competitive processes concerning the sales of the single assets had regularly continued during the month of August, registering a significant interest from the market, therefore the expected deadlines are confirmed”.
For what concerns the sale of properties, especially the building in Corso Vittorio Emanuele in Milan, the short list of the counterparts that submitted the most interesting offers will be selected by middle September. The selected offers will proceed then to the second phase of the process to arrive at the end of September at the evaluation by the bank of the binding offers. Regarding the sale of the consumer credit company of the group, Creditis, the first phase of the competitive process with several counterparts is continuing and by middle September the selection of the non binding offers will take place. The sale process of the merchant book, the cashing service for Pos terminals contracts, is in an advanced phase too.
Regarding the transfer of the Npl portfolio, for a gross value not below 1.2 billion euro, the bank states to have received more communication of interest than expected from over 30 operators. The non binding offers are expected in the next few weeks and by the beginning of November the binding offers. Therefore, the transfer processes are definitely in full execution, also for what concerns timing, allowing to fulfil the deadline of December for the capital increase. Finally, concerning the commercial relaunch strategy of the group, over the month of September, the distribution network will be completely reviewed, with the branch directors becoming the promoters of the new model of agency, a crucial point in the business plan. In this way, each branch will be headed by a director reporting to the eleven regional commercial directors and with increased powers. For this reason, the group has appointed 150 new branch directors, equal to a third of the whole network of the group.
Source: La Stampa
Translator: Cristina Ambrosi