Jul
30
Tycoon’s Sputtering Italian Bank Investment Draws Angst From ECB
By-
Carige, founded 1483, urged to find buyer by ECB, rival holder
- ECB said to urge Malacalza, with 20% stake, to calm situation
An industrialist had grand visions when he helped rescue a storied bank in the port city of Genoa. Fast-forward three years, and the European Central Bank is uneasy about the shareholder, turnover in the executive suite and the lender’s ability to survive on its own.
Banca Carige SpA, founded 535 years ago, faces the prospect of losing its independence after the ECB told it to consider a merger, dismissing its own plan to bolster capital. This month, ECB wrote to Vittorio Malacalza, who had just quit Carige’s board, urging him to bring calm, consistency and continuity to the lender, according to a person with knowledge of the letter who asked not to be identified…
Tycoon’s Sputtering Italian Bank Investment Draws Angst From ECB
