Italian regional financial institution Banca Carige announced last Monday that it is putting more assets up for sale as inclusions to a previously announced divestment plan worth up to Eur800 million.
Banca Carige would include its fully owned fund firm Carige Asset Management SGR in the divestment plan as well as its 20.6% shareholdings in the motorway Autostrade dei Fiori.
Just last March, the bank had announced the sale of its insurance business and properties in order to avoid having to raise funds from shareholders to augment a Eur800 million shortfall in its capital base.
Because of the inclusion of the two new assets in the divestment plan, the bank is now confident that it would be able to reach the set goals for the sale. The initial contents of the disposal sale were non-strategic assets that were part of a reorganization plan instituted by the bank to increase its capital base.
Join the Conversation