SERVICES

Carige: no grounds for Mincione being represented on board

The Board of Directors of Banca Carige has said ‘no’ to Raffaele Mincione, stating a current lack of ‘conditions’ for his demands of representation on the board. Mincione, in his capacity as Chairman of Time & Life S. A., a new 5.428% shareholder in the bank, indicated that his company should be represented

Genoa - The Board of Directors of Banca Carige has said ‘no’ to Raffaele Mincione, stating a current lack of ‘conditions’ for his demands of representation on the board. Mincione, in his capacity as Chairman of Time & Life S. A., a new 5.428% shareholder in the bank through POP 12 Sarl, in a letter dated 23 February, indicated that in his opinion, given the recent reorganization of the shareholding structure, his company should be represented on the bank’s board of directors.

A press release reads, “The Board of Directors nonetheless reasserted its commitment and proneness towards fulfilling the interests of all stakeholders of the Bank in its changing shareholding structure over time.” The Board of Directors approved the group’s draft and consolidated financial statements on 31 December 2017: the bank closed the 2017 financial year with a loss of €388.4 million, compared to the loss of €380.5 million approved in the preliminary results and communicated to the market on 9 February, for the recognition of further value adjustments on distressed loans classified as non-performing worth approximately €11 million gross of the related tax effect

Pressed for time?

Get the best news of the week in your inbox

Subscribe ››