Banca Carige may receive bid from Unicredit with right financial incentive
Banca Carige [BIT:CRG], the Italian lender in temporary administration, could receive a bid from Italian financial service group Unicredit[BIT:UCG] but only if the larger Italian lender receives a financial incentive from the Italian state, the Italian-language daily Milano Finanza reported.
The unsourced report claimed that Unicredit and other financial institutions have been contacted on whether they would take over Carige, with Unicredit CEO Jean Pierre Mustier indicating he is open to the idea.
However, the item said that Mustier is only likely to move forward if the Italian government provides financial grants that would allow Unicredit to replenish Carige's capital buffers and cover redundancy payments to laid off Carige workers.
The report said that the Italian government provided similar financial incentives to Intesa Sanpalo [BIT:ISP] when it acquired the assets of Veneto Banca and Banca Popolare di Vicenza.
The report said that the government has contacted other lenders over a possible takeover including UBI Banca [BIT:UBI], Banco BPM[BIT:BAMI], BPER Banca [BIT:BPE], and French financial services group Credit Agricole [EPA:CA].
Link to original source