Italy banking: How Carige beat the clock
Banca Carige pulled off a recapitalization last December that even chief executive Paolo Fiorentino thought difficult. It raised more than four times its market cap, just ahead of an ECB deadline. Euromoney asks how he did it and how the bank can reward its investors.
Fiorentino recounts the incident as proof of Carige’s status and goodwill in Genoa, and of his own new-found local celebrity. But the stranger’s gesture might further highlight the level of regional and even national worry over this latest financial flashpoint: the fate of a top-10 Italian bank by assets.