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Carige still looking for solution after inconclusive talks with ECB, shareholder

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Carige still looking for solution after inconclusive talks with ECB, shareholder

Banca Carige SpA is still looking for a way to plug a capital shortfall after inconclusive talks between the European Central Bank and the lender's primary shareholder on Dec 27, Reuters reported.

Talks were held after the Malacalza family, which own 27.6% of the bank, blocked Carige's latest cash call on Dec. 22 that was designed to enable it to convert into equity a recently issued €320 million Tier 2 subordinated bond to bolster its core capital ratio.

The ECB had asked Carige to complete its plans to boost its capital and look to merge with a stronger partner. However, there is little interest from suitors for a merger, sources told Reuters.