Banca Carige : placed under temporary administration

PRESS RELEASE

BANCA CARIGE PLACED UNDER TEMPORARY ADMINISTRATION AFTER LAPSE OF THE BOARD OF DIRECTORS DUE TO RESIGNATION OF THE MAJORITY OF ITS MEMBERS.

FABIO INNOCENZI, PIETRO MODIANO AND RAFFAELE LENER -APPOINTED TEMPORARY ADMINISTRATORS- WILL CONTINUE PURSUING THE BANK'S CAPITAL STRENGTHENING, COMMERCIAL RELAUNCH AND DERISKING, AND EXPLORING POTENTIAL BUSINESS COMBINATIONS.

THE BANK'S OPERATIONS ARE GUARANTEED WITH NO IMPACT ON CUSTOMERS, DEPOSITORS AND EMPLOYEES.

Genoa, 2 January 2019 - Banca Carige informs that the European Central Bank has today decided to impose temporary administration on the Bank.

Fabio Innocenzi, Pietro Modiano and Raffaele Lener were appointed as temporary administrators of Banca CARIGE and will act pursuant to article 72 of the Consolidated Law on Banking (TUB) exercising all of the Board of Directors' functions and powers under the Bank's Articles of Association and the applicable regulations in force. In particular, they will make all decisions necessary for ensuring the Bank's operations, periodically reporting to the Supervisory Authority. The ECB has also appointed a Surveillance Committee composed of three members: Gian Luca Brancadoro, Andrea Guaccero and Alessandro Zanotti.

The measure, adopted as a consequence of the resignation of the majority of the Board of Directors'

Members, will ensure greater stability and cohesion to the governance of the Company which, relying on its employees, will thus be all the more effective in serving its depositors, customers and areas of footprint.

In continuity with the strategy in place, Innocenzi, Modiano and Lener will continue the activities for the: a) Capital strengthening; b) Commercial relaunch through market share recovery in the Bank's core segments; c) Derisking through the reduction of Non-Performing Loans; d) Pursuit of potential business combinations.

These measures will be outlined in the Business Plan currently being prepared.

The first steps to be taken by the new management of the Bank will include the start of discussions with the Voluntary Intervention Scheme of the Italian Interbank Deposit Protection Fund ("VIS") to reassess the recent transaction in light of the newly established scenario, in order for the Bank's capital strengthening activities to continue.

Raffaele Lener declared: "My appointment to serve alongside with the Bank's top managers, who were confirmed as temporary administrators, is clearly reflective of the decision to allow the Bank to continue operating under the strategy already outlined".

Pietro Modiano added: "This measure will simplify and strengthen the governance of Carige and, hence, the execution of the strategy within a sound and prudent management framework".

Fabio Innocenzi concluded by underlying that "the advantages in terms of the Bank's stability will result in benefits for its customers, employees and areas of footprint".

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