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Carige, offers four properties and Npls

A real estate operator aiming at the whole portfolio. Interest also for Creditis

Debate with Bce about the governance. Perhaps one of the men of Volpi to replace Bastianini


The new Ceo Paolo Fiorentino has a dense agenda for Banca Carige. The next meeting of the board of directors is already scheduled for 3rd August and in this occasion, the biannual report will be approved. Moreover, the board might examine the letters of intent for its real estate portfolio e the non-disclosure agreement for the transfer of 1.2 billion of impaired loans and the recovery. For the bank from Genoa, it will be an important step, even though the negotiations will be completed only after the summer break. Concerning the properties, Carige put on sale its offices in Milan (Corso Vittorio Emanuele and Via Spadari), Rome  (Via Bissolati), and London (Hornton Street), which are currently evaluated by international financial operators of real estate. According to MF-Milano Finanza, one of these should be aiming at the whole portfolio for its expansion operation in the Italian market. Also, Creditis seems to be attractive to investors. In fact, the financial company of the group, due to its low capital absorption and the good growth perspectives, should interest several operators of the Italian market.

In relation to the financial operation approved in June, these transfers should have a value of 200 million in assets, that would add to the already planned 500 million of capital increase. With the rights issue planned for the end of the year, Fiorentino is updating the industrial plan with more aggressive objectives in terms of profitability and cost reduction. The board must start already discussing the document at the 3rd August meeting, also because the amount of the increase will be defined based on the perceived profitability of the bank and on the will of the market to bet on it s recovery.

Another crucial point for Carige is the governance. The former Ceo Guido Bastianini is still negotiating his exit from the bank, while his seat at the board of directors might go to a representative of the shareholder Gabriele Volpi, partner at 6% of Carige through the holding Lonestar. Last June there were some conflicts between Volpi and the Malacalza family, today controlling the relative majority of the bank. The cause was the representation at the board after the discharge of Bastianini following the no-confidence vote to him. In the meanwhile, the bank from Genoa is finalizing its governance system after the criticism that came from the Bce last February. The process is still ongoing, but the guidelines should have been already defined through the continuous dialogue with the Surveillance authority.

Source: Milano Finanza

Translator: Cristina Ambrosi

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