TURIN, Italy (Reuters) – A rescue plan by U.S. asset manager BlackRock for Carige would allow a fund financed by Italian lenders to take part in a cash call at the troubled Italian bank, the chief executive of Intesa Sanpaolo said.
CEO Carlo Messina said the BlackRock plan was consistent with a restructuring plan drawn up by Carige’s temporary administrators which allowed the Italian banking fund to take a stake in the Genoa-based lender by converting a bond into equity.
Italian banks propped up Carige in November last year by buying – through a depositor guarantee fund – a 320 million euro (£276 million) hybrid bond needed to beef up Carige’s total capital.
Speaking at Intesa’s annual general meeting, Messina said Intesa indirectly held through the fund 25.3 percent of that bond.
(Reporting by Gianluca Semeraro, writing by Valentina Za, editing by Maria Pia Quaglia)