A tale of two capital raisings
In a last ditch attempt to pull off a €500 million rights issue last year, Paolo Fiorentino embarked on a local media blitz in Banca Carige’s home region around Genoa. Persuading local people – many of them customers of the bank – to follow main shareholder Vittorio Malacalza and take up their rights, was a key part of saving the mid-tier Italian lender.
“We worked very much in the local constituency… leveraging the traditional channels,” Fiorentino told Euromoney shortly after the deal closed, when he was still chief executive.
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