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Sep 29, 2015

Italy bank Popolare Vicenza probed over loans-for-shares scheme

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.

Sep 6, 2015

Businesses hail Renzi’s reforms, urge more to speed Italy’s upturn

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.

Sep 3, 2015

Net-A-Porter founder leaves abruptly ahead of merger

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.

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

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

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.