| In this story |
| • A tale of two capital raisings: what Italy shows about the future of banks' investors |
| • Four million Santander shareholders: why retail matters for Europe's biggest banks |
| • Regulators tighten the screw: how marketing shares and sub debt to retail is getting a lot harder |
| • Threat of catastrophe: can banks avoid conflicts of interest? |
| • Sleeping partners: how a remunerative shareholder democracy proved to be a sham |
| • Downward path: why the shift to institutions is self-reinforcing |
| plus |
| • Bankers play to the peanut generation |
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.
