SERVICES

Carige loses its sixth board member

Genova - Another desertion, the sixth, from the board of directors of Banca Carige. Lucia Venuti, a 54-year-old lawyer from Massa, has left the board and has added her name to Malacalza’s list. Venuti justified the choice “in light of the events that have taken place recently”

Genova - Another desertion, the sixth, from the board of directors of Banca Carige. Lucia Venuti, a 54-year-old lawyer from Massa, has left the board and has added her name to Malacalza’s list. Venuti justified the choice “in light of the events that have taken place recently, with particular reference to the resignation of directors, including the president, and the requests for the revocation of the board received from two shareholders, which have made it impossible for the board to continue its work.”

The news came on the day when the bank, hit Tuesday evening by a triple downgrade from Moody’s, limited its loss on the Stock Exchange to 2.1% and decided to entrust Giulio Gallazzi with the bank’s presidency until the shareholders’ assembly of 20 September.

It will therefore be the task of the Bolognese director, and not the oldest member, Remo Angelo Checconi (86 years old last March), to lead Carige temporarily and bring the bank to the shareholders’ assembly. Further details have emerged about the BoD marathon meeting which ended late Tuesday night. The Board’s official response to the ECB essentially contains three points.

With regard to the weakness of governance and the need to renew it, Carige reiterated that it had convened a special meeting to address the issue; the delays to the issue of subordinated bonds and the sale of non-strategic assets were affected by “market conditions”, as was the search for suitable buyers, but also “without the bond, the bank will be able to reach the required capital targets by the end of 2018”; finally, as regards any merger, it will be up to the new board to deal with it, as will the new capital conservation plan that’s due for presentation by 30 November. In the meantime, on the judicial front, the Court of Cassation confirmed two “fines” issued against Banca Carige by the Ministry of the Economy in 2001 as administrative fines for failure to report financial transactions, for a total of approximately €3.6 million for violations of money laundering regulations.

The Mondovì branch was in the sights of the Italian Financial Police, and the bank had challenged the case in the local court, which in 2003 cancelled the payment order as the dispute against the activity carried out by the Financial Police was considered to have been raised too late. The Court of Cassation judges of the Second Civil Section yesterday also ordered the Genoese credit institution to pay €10,200 for legal costs incurred by the Ministry.

Pressed for time?

Get the best news of the week in your inbox

Subscribe ››