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Banca Carige top execs face no-confidence vote


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Banca Carige top execs face no-confidence vote

Banca Carige SpA Vice Chairman Vittorio Malacalza — who is the lender's top investor, according to Reuters — criticized CEO Guido Bastianini and CFO Massimo Perona, saying he would step down from his role if the bank's board of directors does not share his views.

The bank said May 30 that Malacalza had told it he no longer shares the CEO's views on how the bank should be run. At the same time, he asked the board to consider his concern, saying that "should his stance not be broadly endorsed by the board," he will resign.

The board will discuss the matter June 9, the bank said. However, Bastianini — who was appointed in April 2016, having been proposed as CEO by Malacalza — may step down before the "no-confidence vote," Reuters said May 31, citing Italian media reports.

The potential change at the top could result in Banca Carige having to push back its restructuring process, the newswire added, saying the lender's planned 450 million capital increase could be delayed.

In its statement about Malacalza, the bank also announced that it decided to sell a nonperforming loan portfolio valued at about €940 million, using a state guarantee on the senior tranche.