Italy’s depositor protection fund and a group of Italian lenders are arranging a 900 million euro rescue plan to save Banca Carige, Italy’s last problem bank. The lender has been under direct European Central Bank supervision since failing to approve a cash call in December.
The plan envisages a rights issue of 700 million euros and the issuance of a new convertible bond worth 200 million euros. Italy’s depositor protection fund – which is funded by Italian banks – will provide the lion’s share of the cash by converting 313 million euros of Carige bonds into shares. Carige is also expected to sell the bulk of its non-performing loans to state-backed bad bank Società Per La Gestione Di Attività.Several private investors, including a fund managed by BlackRock, considered investing in Carige, only to walk away.
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