Italy's Carige hires BCG as adviser, says tie-up still main goal
10/13/2021
MILAN (Reuters) – Italy’s Banca Carige has hired Boston Consulting Group to help it study ways to develop its business, including through a merger which remains the troubled lender’s main goal.
Genoa-based Carige said in a statement on Wednesday it would continue to pursue a tie-up even after tax incentives for bank mergers expire at the end of the year.
Loss-making Carige is controlled by Italy’s FITD depositor protection fund after being rescued by healthier peers back in 2019 at a cost of 700 million euros ($810 million).
It has warned it needs another 400 million euros in capital by the third quarter of 2022.
The FITD fund is struggling to find a buyer for the bank after rival Cassa Centrale Banca earlier this year walked away from a potential acquisition.
($1 = 0.8639 euros)
Source: Read Full Article
Home » Analysis & Comment » Italy's Carige hires BCG as adviser, says tie-up still main goal
Italy's Carige hires BCG as adviser, says tie-up still main goal
MILAN (Reuters) – Italy’s Banca Carige has hired Boston Consulting Group to help it study ways to develop its business, including through a merger which remains the troubled lender’s main goal.
Genoa-based Carige said in a statement on Wednesday it would continue to pursue a tie-up even after tax incentives for bank mergers expire at the end of the year.
Loss-making Carige is controlled by Italy’s FITD depositor protection fund after being rescued by healthier peers back in 2019 at a cost of 700 million euros ($810 million).
It has warned it needs another 400 million euros in capital by the third quarter of 2022.
The FITD fund is struggling to find a buyer for the bank after rival Cassa Centrale Banca earlier this year walked away from a potential acquisition.
($1 = 0.8639 euros)
Source: Read Full Article