July 22, 2018 / 2:41 PM / 9 months ago

Carige says ECB demands capital-boosting plan, merger would buy time

MILAN, July 22 (Reuters) - The European Central Bank has asked Banca Carige to submit a plan to meet minimum capital thresholds and would give the lender more time to do so if it were to pursue a merger, the Italian bank said on Sunday.

Carige, Italy’s last remaining large problem bank, is facing a management crisis after its chairman, deputy chairman and two board members resigned in disagreement over the leadership of Chief Executive Paolo Fiorentino.

The bank said in a statement that an ECB letter had expressed concern over the latest developments at a time when a “a strong leadership is particularly important to overcome differences and secure board backing for the necessary strategic decisions”.

Reporting by Valentina Za Editing by David Goodman

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