Italian banks have backed a 720 million euro rescue plan ($806 million) that wil...
FILE PHOTO: The Carige bank logo is seen in Rome, Italy, April 16, 2016. REUTERS/Stefano Rellandini/File Photo
Carige was placed under special administration by the European Central Bank at the start of the year after the lender’s top shareholder blocked a proposed cash call, derailing an industry-financed rescue. Speaking to reporters on Monday after a meeting of the FITD’s steering committee, the fund’s chairman Salvatore Maccarone said banks were set to convert 313 million euros worth of the hybrid bond into equity, giving them a roughly 43 percent stake in Carige.
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