MILAN, Nov 3 (Reuters) – Italy’s biggest retail bank, Intesa
Sanpaolo reported lower net interest income in the
third quarter and a slump in trading profit, sending its shares
down as much as 4 percent.
The bank’s net profit came in at 722 million euros ($790
million), higher than a Reuters’ analyst consensus of 667
million, as it set aside less cash to cover for bad loans, in a
sign that Italy’s economic recovery is taking hold.
LONDON/MILAN (Reuters) – As UniCredit puts the finishing touches to an updated strategic plan to be presented to shareholders next month, some investors in the top Italian bank are raising questions about the leadership of Chief Executive Federico Ghizzoni.
The new plan to 2018, whose predecessor was scrapped because it was based on overly-optimistic macroeconomic forecasts, is central to Ghizzoni’s efforts to bolster shareholder confidence in the face of the bank’s stubborn underperformance.
BRESCIA, Italy, Oct 10 (Reuters) – Shareholders in Italian
cooperative bank UBI approved on Saturday its conversion into a
joint-stock company as requested by a government reform that is
expected to lead to a wave of mergers among domestic lenders.
The reform is a pillar of Prime Minister Matteo Renzi’s
agenda to shake the euro zone’s third-biggest economy out of the
doldrums and modernise its crowded banking system to revive
lending and boost profits.
MILAN, Sept 29 (Reuters) – Prosecutors investigating alleged
market violations at Banca Popolare di Vicenza said in a
confidential search warrant that the bank misled regulators and
investors about its financial soundness by lending money to
customers to make them buy its own shares.
Between 2012-2014, the unlisted bank granted financing to
clients for around 1 billion euros ($1.1 billion) so they would
purchase its shares, artificially boosting the lender’s capital
strength, the prosecutors said in the warrant, dated Sept. 21
and seen by Reuters.
CERNOBBIO, Italy, Sept 6 (Reuters) – U.S. computer company
Hewlett-Packard is considering increasing investments
and hiring new workers in Italy after years of downsizing,
because, it says, it has faith, for the first time in a while,
that the country is on the mend.
“There is a lot still to be done, but the glass now is
looking half-full,” said Stefano Venturi, the group’s corporate
vice-president and its chief executive in Italy, where it has
three data centres and 5,000 employees.
PARIS/MILAN (Reuters) – Natalie Massenet, founder and executive chairman of online fashion group Net-A-Porter, said on Thursday it was the right time to leave after she resigned abruptly ahead of the completion of a planned merger with Italy’s Yoox.
Regarded as the fashion visionary of the soon-to-be-combined business, she was to become its executive chairman and oversee editorial content, one of Net-A-Porter’s main strengths.
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.
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
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.
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.