MILAN (Reuters) – Italian bank UniCredit SpA (CRDI.MI: Quote, Profile, Research, Stock Buzz) and Spain’s Santander SA (SAN.MC: Quote, Profile, Research, Stock Buzz) are in talks to merge their fund management businesses and create a European powerhouse overseeing some 350 billion euros ($450 billion) of assets.
Under the proposed deal, Santander Asset Management will combine with UniCredit’s Pioneer unit, with both banks owning about a third each of the new company, UniCredit CEO Federico Ghizzoni told reporters on Tuesday.
CERNOBBIO Italy (Reuters) – The annual meeting of Italy’s business elite on the shores of Lake Como was – again – dominated by calls for reforms and gloomy discussion of an economic crisis now well into its sixth year.
With Italy’s economy back in recession, business leaders sounded a note of impatience for Prime Minister Matteo Renzi, the energetic 39-year-old who took office in February, to get on with the task.
CERNOBBIO, Italy, Sept 7 (Reuters) – The European Central
Bank should be ready to take further measures to guarantee
monetary stability if needed, Ignazio Visco, the governor of the
Bank of Italy and a member of the ECB Governing Council said in
a newspaper interview on Sunday.
Visco also called for the European Commission to allow more
expansive fiscal policy in the euro zone, where economic growth
ground to a halt in the second quarter.
CERNOBBIO, Italy, Sept 6 (Reuters) – Italy’s biggest utility
Enel, which is weighing up options for its Spanish
unit Endesa, could sell a stake of up to 22 percent to boost its
free floating capital, Chief Executive Officer Francesco Starace
said on Saturday.
Enel, which owns 92 percent of Endesa and faces pressure to
cut its huge debt pile, has said it is considering three
options, including delisting or leaving its stake unchanged.
CERNOBBIO Italy (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research), Italy’s biggest bank by assets, is sticking to its full-year net profit target of 2 billion euros (1.59 billion pounds) despite a worsening economic outlook for its Italian home base, its chief executive said on Saturday.
Italian gross domestic product contracted 0.2 percent in the second quarter as a fall in investments dragged the country back into recession, according to the latest in a recent string of grim numbers for the eurozone’s third-largest economy.
MILAN, Aug 7 (Reuters) – Italy’s third biggest bank, Monte
dei Paschi di Siena, posted a worse-than-expected loss
in the second quarter as charges on souring loans rose,
underlining the challenges the bailed-out lender still faces to
turn itself around.
The bank, which received 4.1 billion euros ($5.47 billion)
in state aid last year, said the net loss in the three months
between April and June stood at 178.9 million euros.
MILAN, Aug 5 (Reuters) – Net profit at UniCredit,
Italy’s biggest bank by assets, rose 12 percent in the second
quarter thanks to a marked improvement in its home market and a
solid contribution from eastern Europe.
The bank said Italy had contributed around 600 million euros
(801.72 million US dollar) to its earnings for the quarter, and
central and eastern Europe around 400 million euros.
MILAN, Aug 1 (Reuters) – Italy’s biggest retail bank, Intesa
Sanpaolo, beat analysts’ forecasts with a
second-quarter net profit of 217 million euros ($291 million),
helped by its strategic shift towards asset management.
Intesa’s net profit in the three months from April to June
compared with 116 million euros a year ago and a Thomson Reuters
consensus forecast of 109 million euros.
MILAN (Reuters) – An Italian appeals court unexpectedly overturned Silvio Berlusconi’s conviction on charges of abuse of office and paying for sex with a minor, in a significant legal victory for the former prime minister.
The Milan court on Friday threw out a guilty verdict handed down last year by a lower tribunal, which had sentenced Berlusconi to seven years in jail and banned him from holding public office.
MILAN, June 10 (Reuters) – Italian bank Monte dei Paschi’s
5 billion euro capital raising caused confusion on the
Milan stock exchange on Tuesday, where the bank’s shares have
jumped 40 percent in two days but have not traded.
Italy’s third biggest bank, which has taken two bailouts
since 2010, is expected to succeed in raising the cash it needs
to repay the government aid and bolster its finances in
preparation for a wide-ranging review of European banks.