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Aug 6, 2015

Monte dei Paschi in profit for second consecutive quarter

MILAN (Reuters) – Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) on Thursday reported a net profit of 121 million euros ($132.22 million) and an increase in its core capital in the second quarter in a sign its long-running turnaround plan is bearing fruit.

The results mark the second consecutive quarter in the black for the Siena-based bank, which emerged as the weakest bank in a Europe-wide health check of the industry last year and has lost 14.6 billion euros in 2011-2014.

Aug 5, 2015

UniCredit core capital beats forecasts, shares rise

MILAN, Aug 5 (Reuters) – UniCredit, Italy’s
biggest bank by assets, reported a stronger-than-expected
capital base on Wednesday, allaying fears the bank may need a
rights issue to bolster its financial strength and sending its
shares sharply higher.

The CET 1 ratio, a bank’s measure of financial strength,
stood at 10.37 percent at the end of June, up from 10.1 percent
three months earlier and some 30 basis points higher than
expected.

Jul 30, 2015

Generali expects profits to rise this year as turnaround takes hold

MILAN, July 30 (Reuters) – Italian insurer Generali
expects its net profit to rise significantly this year
as it reaps the rewards of a three-year-old turnaround plan, it
said on Thursday after its reported its highest first-half
earnings since 2007.

The company said it had benefited from a strong performance
in its life business in all its main markets, Italy, France,
Germany and central and eastern Europe, with premiums rising
10.6 percent in the first half.

Jul 3, 2015

M&A on the way as Italy’s popolari pursue courtship

MILAN/LONDON July 3 (Reuters) – Italy could have a new top
three bank behind Unicredit and Intesa Sanpaolo
by the end of next year as the country’s co-operative
lenders size each other up for takeover.

After initially baulking at new governance rules that make
it easier for them to be bought, Italy’s mutual banks — known
locally as popolari — have accepted their fate and advisers are
working on several possible combinations.

Jun 10, 2015

ECB checking internal risk models of some banks-Italy’s BPM head

MILAN, June 10 (Reuters) – The European Central Bank (ECB)
is checking whether some banks adequately assess risks on their
balance sheet and this could hit their core capital ratios, the
chief executive of Italy’s Banca Popolare di Milano
said.

Giuseppe Castagna, whose mid-tier bank is seen as a prime
target in an expected wave of merger deals between Italian
cooperative lenders, said the ECB was reviewing so-called
internal ratings-based (IRB) models.

Jun 4, 2015

Consumer group asks Italy court to suspend Monte dei Paschi share sale -document

MILAN, June 4 (Reuters) – An Italian consumer group has
asked a regional court to suspend Monte dei Paschi di Siena’s
ongoing 3-billion-euro share sale because of doubts
over the accounting treatment of a derivative trade, a court
document showed.

The cash call, which Italy’s third biggest lender needs to
plug a capital shortfall unveiled by a Europe-wide check of
lenders last year, began on May 25 and is due to end on June 12.

May 25, 2015

Italy’s Monte dei Paschi launches 3 billion euro share sale

MILAN, May 25 (Reuters) – Italian bank Monte dei Paschi di
Siena launched a 3 billion euro ($3.3 billion) share
sale on Monday, its second cash call in less than a year, to
plug a capital shortfall exposed by last year’s Europe-wide
stress tests and repay state aid.

The Tuscan bank is raising more than its stock market value
which stood at 2.4 billion euros at the end of last week by
selling 2.56 billion new shares.

May 12, 2015

Monte Paschi says Nomura exposure rose to 4.7 bln euros at end-March

MILAN, May 12 (Reuters) – Italian bank Monte dei Paschi di
Siena had a 4.7 billion euro ($5.3 billion) net
exposure to Japanese bank Nomura at the end of March,
the lender said on Tuesday, nearly half its total capital and
way above regulatory limits.

The increase from 4 billion euros three months earlier was
revealed in an interim report posted on Monte dei Paschi’s
website on Tuesday, after which the lender’s shares extended
losses to close down 5.8 percent.

May 12, 2015

Capital worries weigh on UniCredit after in-line profit

MILAN, May 12 (Reuters) – The CEO of UniCredit
said disposals were one option for Italy’s biggest bank by
assets to boost its financial strength, after core capital
increased slightly in the first quarter of 2015 but not enough
to quell investors’ jitters.

The bank’s net profit in the three months to March fell 28
percent year-on-year to 512 million euros ($575 million), in
line with an analyst forecast distributed by the bank.

May 11, 2015

Intesa Sanpaolo profit beats forecast, sees lending pick up

MILAN, May 11 (Reuters) – Italy’s biggest retail bank,
Intesa Sanpaolo, beat analyst forecasts with its
first-quarter net profit and said lending to business was
picking up in a sign the euro zone’s third-biggest economy is
slowly emerging from recession.

Intesa said its net profit for the period stood at 1.064
billion euros, thanks to around 602 million euros in trading
income and compared with a Thomson Reuters analyst consensus of
658 million euros.