MILAN (Reuters) – Italian banks have backed a 720 million euro rescue plan ($806 million) for rival Carige that will hand control of the Genoa-based bank to U.S. asset manager BlackRock, the head of a banking fund said on Monday.

FILE PHOTO: The Carige bank logo is seen in Rome, Italy, April 16, 2016. REUTERS/Stefano Rellandini/File Photo

Carige was placed under special administration by the European Central Bank at the start of the year after Italy’s Malacalza family, the lender’s top shareholder, blocked a proposed cash call, derailing an industry-financed rescue.

Italian banks bought a 320 million euro hybrid bond issued by Carige in November to beef up its capital reserves. The investment was carried out through the voluntary-contribution arm of Italy’s FITD depositor protection fund.