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Mincione plans to up stake in Carige
Posted on Friday, 09 March 2018 12:06
Raffaele Mincione intends to increase his shareholding in Italian bank Carige with a view to ousting the firm’s board, two people in the know told Reuters.

According to the sources, the investor’s plan has been motivated by the fact that he was denied a seat by the current executives.

They added that Mincione plans to write a letter to the board outlining his concerns, which include his belief that the body does not mirror Carige’s shareholder base.

As part of this communication, he is likely to request that a general meeting is called so a new board can be elected, the people said.

According to Reuters, Mincione currently owns a 5.4 per cent stake in the business, but just yesterday Il Messagero reported that this has already been upped to 7.0 per cent.

The Italian publication added that he has generated some support for his cause, with three international funds, each with stakes of between 4.5 per cent and 4.9 per cent, backing his call to remove the existing board.

Other commercial banks to have been targeted in deals so far in 2018 include China-based Bank of Jiangsu, which announced a USD 3.18 billion convertible bond issue in early February.

According to Zephyr, the M&A database published by Bureau van Dijk, that is the most valuable of the 339 deals featuring companies in the sector of the year to date.

Other banks to have been targeted include Le Credit Lyonnais, HSH-Nordbank and Banesco Banco Universal.

Carige has a history dating back to 1843, when it was established as Genoa’s public pawnbroking system under the name Monte di Pieta.

The company now claims to be one of the largest banks in Italy, with 625 branches and more than 1.00 million clients in the country.

Its subsidiaries include Banca del Monte di Lucca, Cassa di Risparmio di Savona and Creditis Servizi Finanziari.

Carige recorded net operating income of EUR 402.40 million in the first nine months of 2017, compared to EUR 472.30 million over the same timeframe in 2016.

© Zephus Ltd