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Italy's Banca Carige warns debt swap failure could result in wind-down

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Italy's Banca Carige warns debt swap failure could result in wind-down

Italy's Banca Carige SpA said if its plan to strengthen capital does not work it may be wound down by European regulators, Reuters reported.

The struggling Genoa-based lender launched a debt swap for bonds worth €510 million, which would be converted to a maximum of around €305.9 million worth of Tier 1 shares, as part of its planned €560 million capital increase.

However, it warned that there was no certainty that the capital-boosting measures would succeed, and that European regulators could adopt bank resolution measures if they failed.