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Carige: Queirolo leaves the board of directors, fifth resignation in one month

Genoa - The board of directors of Banca Carige has lost its fifth member, but the market is rewarding the stock, which closed with a jump of 9.2% to 0.0095, after the half-year figures were approved last Friday - 20 million in the red, but an improvement compared to a year ago, and in view of the shareholders’ meeting

Genoa - The board of directors of Banca Carige has lost its fifth member, but the market is rewarding the stock, which closed with a jump of 9.2% to 0.0095, after the half-year figures were approved last Friday - 20 million in the red, but an improvement compared to a year ago, and in view of the shareholders’ meeting. After the departures of president Giuseppe Tesauro, vice-president Vittorio Malacalza and the directors Francesca Balzani and Stefano Lunardi, Ilaria Queirolo also resigned, effective immediately.

The desertions continue, in anticipation of the assembly that will face the revocation of the board and will resolve the positions and balance among shareholders on 20 September. Queirolo resigned “in the light of events that affected the bank” and in particular because of “the obvious tensions to which the Board of Directors was subjected, as well as the emergence of irremediable differences over the company’s management”. Differences that also show different visions for the future of the bank.

At the board of directors’ meeting, with some directors already departed for the holidays and dialling in from outside, there is the letter of response to the criticism of the ECB that asked Banca Carige for a new plan “to restore and ensure” the observance of the capital requirements, suggesting a merger with other banks, and clarity on governance.

The text, which was suggested by Paolo Fiorentino, will be filed and approved. The response on governance - to have a fully functioning management structure, with the appointment of a new president, as the ECB asked - has already arrived in practice with the convocation of the assembly. For the rest, the bank will explain the work done so far, in response to the ECB’s statement that none of its risk reduction measures have been approved on time. But the drafting of the new plan will be the responsibility of the board that emerges from the assembly in September.

It is likely that a discussion will take place about the first package (100 million) of probable defaults (FTT), but without reaching a decision to sell, although it seems that the best bidder has been found. The decision will be made by the next board of directors. The watchword is not to make irreversible decisions or to reduce the options for the new board, which will be called upon to draw up a new plan in record time and bring an end to the issues currently in play.

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