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Banca Carige closes 3rd tranche of €700M capital increase

Banca Carige SpA closed the offering period for the third tranche of its €700 million capital increase.

The Italian lender's existing shareholders subscribed for roughly 16.8 billion new ordinary shares, corresponding to approximately 19.7% of the €85 million tranche, for a total of €16.8 million.

Italian interbank deposit fund Fondo Interbancario di Tutela dei Depositi, or FITD, has pledged to buy any shares from the tranche left unsubscribed.

Even without including pre-emption requests to subscribe for the tranche's remaining shares, Carige noted that the 10% free float threshold for readmission to listing on the Borsa Italiana SpA has already been exceeded, given the subscription requests for the 16.8 billion of shares and the 10 billion free shares that the FITD's voluntary intervention scheme will assign to the bank's existing shareholders.

Settlement of the capital increase is expected to take place Dec. 20, subject to a disposal of nonperforming exposures and the issuance of a Tier 2 subordinated bond.