CARIGECassa di Risparmio di Genova (Italian Bank)
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Italian banks have agreed to a rescue plan for Carige, a lender that is in financial crisis.
The rating action follows the affirmation of Carige's Long-Term Issuer Default Rating (IDR), the removal of the RWN on it and the downgrade of the bank's Viability Rating (VR) to 'c' from 'ccc+' (see "Fitch Affirms Carige at 'CCC+'; Off Rating Watch Negative" dated 16 November 2018 available at
At first, Dock will be focused on Banca Carige. The bank expects meaningful cost reductions as it shifts to a hybrid infrastructure, with some workloads moving to the cloud.
Moody's said that the confirmation of Banca Carige's standalone BCA was
In July, Banca Carige announced its entry into exclusive negotiations with Apollo Management for the sale of its insurance subsidiaries as part of its business plan for 2014-2018.
-- Italy's Monte dei Paschi di Siena, Banca Carige, Banca Popolare di Milano and Banco Popolare di Vicenza.
Companies Mentioned in this Report: Unicredit S.p.A, Intesa Sanpaolo Group, Poste Italiane S.p.A, Banca Monte dei Paschi di Siena S.p.A, Banca Popolare di Verona, BNP Paribas Group, Banca Popolare di Milano, Gruppo Carige, Gruppo Bancario Credito Emiliano - Credem, Banca Antonveneta S.p.A, Others, Banca d'Italia
The fund was also looking at possible investments in smaller lenders Banca Carige (CRG.MI) and Banco Popolare (BP.MI).
In the port city of Genoa, birthplace of modern banking in the 15th century, regional market leader Carige is raising 800 million euros ($1 billion), equivalent to two thirds of its market value, by selling assets to boost its capital.
Global Banking News-March 4, 2011--Banca Carige plans EUR500m covered bond issuance(C)2011 ENPublishing -
"The reaction in the market would be extremely positive right now," says fund manager at Genoa-based Carige Asset Management Maurizio Gialdini.