Italian banks in talks with BlackRock over Carige deal
Reuters
Published Apr 17, 2019 10:51AM ET
Italian banks in talks with BlackRock over Carige deal
MILAN (Reuters) - Italian banks are in talks with BlackRock (NYSE:BLK) 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.
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Written By: Reuters
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