MILAN, Nov 19 (Reuters) – Italian banks are preparing to
sell nearly a quarter of their problem loans by 2017 thanks to a
balance sheet clean-up spearheaded by the Bank of Italy that is
tempting specialist investors back into the market.
Bad debts held by Italian banks have doubled since 2010 to
145 billion euros ($196 billion), a product of the country’s
longest recession in 60 years. But this has also exacerbated the
country’s economic plight as banks have had to set aside more
cash for bad loans rather than lend to companies and consumers.
BOLOGNA, Italy (Reuters) – An ex-UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) banker charged in the United States with conspiring to help Americans dodge taxes using Swiss bank accounts must remain behind bars in Italy after a judge turned down his request for house arrest, a source with knowledge of the situation said.
Raoul Weil, a Swiss citizen who used to be UBS’s third-highest ranked executive, was arrested by Italian police on October 19 while on a private visit with his wife to Bologna, Italy, and is facing possible extradition to the United States.
MILAN (Reuters) – Italian insurer Generali (GASI.MI: Quote, Profile, Research) said on Thursday a series of asset sales had bolstered its capital position, putting it on track to beat last year’s results and hit its business targets.
The earnings update provided evidence that Chief Executive Mario Greco’s plan for giving the firm a more solid and more profitable business footing is bearing fruit.
MILAN, Nov 7 (Reuters) – Italy’s Generali said on
Thursday a string of asset sales had boosted its capital
position, putting the insurer on track to beat 2012 results and
reach its business targets.
Under Chief Executive Mario Greco, Europe’s biggest life
insurer by premiums is taking steps such as the sale of non-core
assets to make its business more solid and more profitable.
MILAN, Oct 31 (Reuters) – With Italy mired in its longest
recession since the Second World War, the country’s hard-pressed
banks are cutting jobs, closing branches and infuriating unions,
but the cuts are far too modest to achieve the profitability
gains they need.
So far, lenders including Banca Monte dei Paschi di Siena
, IntesaSanpaolo and UBI Banca have
announced that they will close or merge nearly 3,000 branches
and cull 19,000 jobs by 2015, prompting unions to call on
Thursday the first national bank strike in 13
MILAN, Oct 28 (Reuters) – Capital gains from the sale of
equity investments helped to lift Mediobanca’s
first-quarter net profit by 57 percent from a year ago,
offsetting a fall in trading income and lower fees at the
Italian investment bank.
Mediobanca posted a net profit of 171 million euros ($236
million) for the three months to Sept. 30, its first quarterly
results since announcing in June that it would move away from
decades of equity investments aimed at gaining influence at top
Italian companies to concentrate on its core banking business.