Italian banks in talks with BlackRock over Carige deal

Home Investment Italian banks in talks with BlackRock over Carige deal
Italian banks in talks with BlackRock over Carige deal

© Reuters. FILE PHOTO: The Carige bank logo is seen in Rome

MILAN (Reuters) – Italian banks are in talks with BlackRock (NYSE:) over a possible deal to salvage troubled lender Carige, the head of a depositor guarantee fund financed by the banks said on Wednesday.

Italian banks used a voluntary-contribution scheme set up under the depositor fund to come to Carige's rescue in November. The scheme bought a 320 million euro hybrid bond needed to boost the bank's total capital ratio. A conversion into equity of the bond would now support BlackRock's rescue plan for Carige.

A conversion is now "very likely" but no decision has been taken yet, the depositor guarantee fund's President Salvatore Maccarone told reporters after a meeting over the issue, adding talks with BlackRock were ongoing.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you mightRead More – Source

[contf] [contfnew]

investing

[contfnewc] [contfnewc]