Carige says top shareholder resigns from board

MILAN (Reuters) – Banca Carige (CRGI.MI) said on Monday its top shareholder and Deputy Chairman Vittorio Malacalza had resigned as director due to ongoing disagreements with the board over the management of the Italian bank and its governance.

Malacalza’s resignation, which will be effective once a new deputy chairman is appointed at an upcoming shareholder meeting, follows that of Carige’s Chairman Giuseppe Tesauro and of other two directors this month.

Genoa-based Carige has been dogged by governance issues which investment bankers say complicates its search for a merger partner.

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