Thursday , October 21 2021

Carige announces a strengthening of EUR 400 million



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The Board of Directors of Banca Carige, which today was chaired by Pietro Modiano, approved the consolidated results as at September 30, 2018. It prepared and launched the Bank's strengthening measures.

Board of Directors Banca Carige, which today was chaired by Pietro Modiano, approved the consolidated results as at September 30, 2018 and prepared and launched the Bank's strengthening measures.

After a large one verification carried out on the loan portfolio, also under the supervision of the ECB, regarding items outstanding on 31 March 2018 (representing 21% of the total portfolio) with a review of credit documentation of approximately EUR 1.1 billion of executive positions and approximately EUR 2, 6 billion non-functioning (of which EUR 2.2 billion UTP positions represent approximately 74.4% of the relative portfolio), in the first nine months they were booked adjustment of net value due to loan impairment to customers for EUR 219.2 million, which affected economic result for the period (- EUR 188.9 million).

In the face of these results, during today's session, the Board of Directors approved a comprehensive * reinforcement maneuver *, designed to quickly ensure the restoration of capital ratios, thus giving a clear and immediate signal of restored solidity "Institute.

The capital strengthening operation is articulated throughissue of Tier 2 subordinated bonds and subsequent capital increase.
Two combined operations amount to a maximum of EUR 400 million.

* In particular, the Board of Directors approved the issue of * subordinated bonds for a total amount of between 320 million and 400 million euros ("Bonds").
The bonds will be subscribed for EUR 320 million from the * Voluntary Intervention Program of the Interbank Guarantee Fund *, which management has already approved in this regard, convening a specific General Meeting.

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