May 13, 2019 / 1:34 PM / 2 months ago

Italian bank fund won't plug whole of Carige capital hole-sources

ROME, May 13 (Reuters) - Italian banks will not step in to plug a capital shortfall at regional lender Banca Carige after U.S. fund manager BlackRock pulled out of a planned rescue bid, sources close to a fund comprising the banks said on Monday.

The sources were speaking after officials of the fund met in Rome to discuss what to do after BlackRock’s decision.

“We don’t run banks,” one of the sources said.

A planned conversion into Carige shares of a 320 million euro bond owned by the fund, which was part of the wider rescue deal involving BlackRock, was no longer possible for now given the rest of the plan had floundered, the FITD fund said in a statement.

Reporting by Stefano Bernabei, writing by Silvia Aloisi

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