Administrators called in for troubled Italian bank

MILAN (AP) — The European Central Bank has appointed temporary administrators for Italian bank Carige in a bid to save the troubled lender.

Wednesday's move followed the resignation of the board majority after a failed capital-raising exercise. Italy's market regulator has suspended trading in the bank's shares.

The bank based in Genoa failed to win shareholder support to raise 400 million euros ($457 million) in capital last month as part of a plan to prevent another bank failure in Italy. Six small, regional banks have had to be rescued in recent years, with ordinary savers losing billions of euros.

The ECB named three temporary administrators "tasked with safeguarding the stability" of the bank. They include the bank's chairman, Pietro Modiano, and CEO Fabio Innocenzi.