Independent journal on economy and transport policy
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The agreement between Carige, AMCO, Marinvest and Messina Group has been perfected
The sale of loans to Messina for a total of 324.3 million euros to AMCO
September 10, 2020
The parties specified that the refinement of these recovery agreements was the necessary condition so that Banca Carige could finally give up a claims against the Messina Group at AMCO total gross book value as of June 30, 324.3 million euros. The newco Ro-Ro Italia Spa Carige's remaining exposure to the Messina Group and made up of naval mortgages.
"This divestment - commented the CEO Banca Carige, Francesco Guido - is part of the most Overall Carige's overall derisking operation that, together with 2019 capital increase from EUR 700 million and the issuance of T2 subordinated loan of 200 million euros, constitutes an integral part of the asset strengthening operation Bank. The deconsolidation of claims against the group Messina - explained Guido - will allow the Bank to achieved gross NPE ratio levels of 5.5% and net ratio of 2.9% significantly better than the average Italian figure and European average figure. The operation also confirms Bank's firm will to maintain a role active support to the fabric and, in particular, the shipping sector crucial to the Ligurian economy.'
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