Carige top investor wants to remove current board

MILAN (Reuters) - Banca Carige's (NASDAQ: CRGI) top investor Malacalza Investimenti said it had requested the troubled Italian bank's board be removed, in an escalating governance spat which regulators say carries major risks.

Carige said on Sunday the European Central Bank had criticised in a letter last week the bank's frequent top management changes, warning that Carige's malfunctioning governance threatened its operations and reputation.

The ECB has rejected the bank's latest capital plan and requested new measures to raise its total capital this year to a minimum level set by the supervisor, unless it embarked on a merger to win more time.

Malacalza Investimenti, top investor with a 20.6 percent stake after backing the bank's three successive cash calls since 2014, said the executives currently leading Carige could not be entrusted with overseeing new measures demanded by the ECB.

(Reporting by Valentina Za)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Workday stock surges on Silver Lake buyout talks report
• Goldman in talks with investors on Nvidia financing deal after landing prized role, sources say
• China's Pony.ai, Uber to jointly deploy over 2,000 robotaxis in Europe