Silvia's Feed
Oct 30, 2014

Monte dei Paschi extends slide on uncertainty over funding gap

MILAN, Oct 30 (Reuters) – Shares in Italy’s Monte dei Paschi
di Siena dropped as much as 16 percent on Thursday,
which means the bank is currently trading at less than half its
value in early June when it raised 5 billion euros in new
capital.

Monte dei Paschi shares have lost 37 percent since the
results of Europe-wide bank stress tests were made public on
Sunday. They revealed that the bank has a 2.1 billion euro (2.65
billion US dollar) capital gap to fill, the biggest outstanding
deficit of any of the 130 banks in the tests.

Oct 28, 2014

Luxottica dual CEO structure a test of a management textbook no-no

MILAN, Oct 28 (Reuters) – The recent management overhaul at
Luxottica is testing one of the corporate world’s textbook
no-no’s: dual CEOs.

The world’s biggest eyewear maker last week announced that
veteran Procter & Gamble manager Adil Mehboob-Khan would
be chief executive together with longtime Luxottica manager
Massimo Vian. The appointments are expected to be rubber-stamped
at a board meeting on Wednesday.

Oct 28, 2014

Monte Paschi eyes delay to aid repayments to plug funding gap

ROME/MILAN, Oct 28 (Reuters) – Banca Monte dei Paschi di
Siena may seek to delay repaying hundreds of millions of euros
in state aid to help shore up its balance sheet as it explores
strategic options which could include a merger, chairman
Alessandro Profumo said on Tuesday.

Profumo and Monte dei Paschi Chief Executive Fabrizio Viola
met Economy Ministry officials on Monday to consider the bank’s
next move after European Central Bank stress tests exposed a 2.1
billion euro ($2.7 billion) capital shortfall.

Oct 27, 2014

Asset sales loom as Monte dei Paschi seeks to fill capital hole

MILAN/LONDON, Oct 27 (Reuters) – Italy’s Monte dei Paschi di
Siena is likely to have to sell assets to fill a
capital hole uncovered by European regulators, with shareholders
reluctant to stump up cash after a recent fundraising and
would-be buyers of the bank holding back.

Investment bankers say a takeover may be inevitable, but it
is not going to happen overnight, leaving Italy’s third-biggest
bank scrambling to plug at least part of its capital shortfall
before it finds a white knight.

Oct 26, 2014

Italy’s Monte Paschi has biggest shortfall after ECB tests

MILAN, Oct 26 (Reuters) – - Italy’s Monte dei Paschi di
Siena is the bank with the biggest capital shortfall
among euro zone lenders after a health check aimed at testing
the resilience of the bloc’s banking sector.

The Tuscan-based bank, Italy’s third-largest and the world’s
oldest, still needs to raise 2.1 billion euros even after
tapping the market for five billion euros as recently as June.

Oct 10, 2014

UniCredit CEO says to decide on bad loans unit sale next week

MILAN (Reuters) – UniCredit, Italy’s biggest bank by assets, will decide by next week whether to go ahead with the sale of its bad loans unit, UniCredit Credit Management Bank (UCCMB), its CEO said.

The sale, which could yield around 700 million euros ($882 million), was part of UniCredit’s plan to strengthen its balance sheet ahead of the outcome of a Europe-wide bank asset review.

Oct 10, 2014

UniCredit CEO says could drop sale of bad loans unit

MILAN, Oct 10 (Reuters) – Italy’s biggest bank by assets
UniCredit said on Thursday it would decide by next week whether
to go ahead with the sale of its bad loans unit, UniCredit
Credit Management Bank (UCCMB).

The bank is still awaiting offers from two bidders, and
those should come in the next few days, Chief Executive Federico
Ghizzoni told foreign reporters in Milan.

Sep 23, 2014

UniCredit, Santander in talks to merge asset management units

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.

Sep 7, 2014

Italian business pushes Renzi for action

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.

Sep 7, 2014

ECB’s Visco says must be ready to do more for price stability

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.