ECB requests new funding plan from Banca Carige, shares plummet
Italian lender Banca Carige was ordered by the European Central Bank to present a new funding plan and a fresh strategic roadmap to counter falling deposits and profitability and meet compliance and supervisory requirements.
Banca Carige Spa
0.00p
12:50 02/10/24
Shares in the Genoa-based lender plummeted on the news.
Last month, Banca Carige restated its 2015 accounts to show a net loss of €102m versus an origginal estimate of €45m.
The bank had been left with a market capitalisation of €525m after a 75% drop in its share price over the last year.
It had approximately €30.2bn in assets as of 31 December 2015, down from €38.3bn one year earlier, and €2bn in cash.
Banca Carige was forced to go cap in hand to investors for €850m after the ECB's last health-check of the sector detected a shortfall in its capital base.
As of 08:27 shares in Banca Carige were down by 8.25% to €0.58.