Silvia's Feed
Mar 27, 2013

Italy’s Monte Paschi headed for 2.5 billion euro 2012 loss

MILAN/ROME (Reuters) – Italy’s Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research) is set to post a 2.5 billion euro (£2.12 billion) loss as it books higher bad debt provisions and losses on derivatives trades targeted by a fraud investigation, a Reuters poll forecast.

According to the average estimate in the poll of eight analysts, the bank will report a second year of big losses when it releases results for 2012 on Thursday, following a 4.7 billion euro loss in 2011.

Mar 20, 2013

Carige plans asset sales to avoid big capital increase

MILAN, March 20 (Reuters) – Italian regional lender Banca
Carige wants to sell insurance businesses and property
to avoid having to raise money from shareholders to plug an 800
million euro ($1.03 billion) hole in its capital base.

The bank’s director general Ennio La Monica told analysts
proceeds from asset sales could provide most of the money.

Mar 15, 2013

UniCredit increases loan writedowns, sells Kazakh unit

MILAN, March 15 (Reuters) – UniCredit, Italy’s
largest bank by assets, set aside nearly 10 billion euros ($13
billion) to cover bad loans in 2012 and said the country’s
longest recession in 20 years would continue to hit earnings
this year.

The bank also announced that it is selling its Kazakh unit
ATF Bank and will review its business targets through
to 2015 in light of the “exceptionally difficult” economic
environment.

Mar 12, 2013

Intesa blames Hungary “nightmare” for fourth-quarter loss

MILAN, March 12 (Reuters) – Italy’s Intesa Sanpaolo
said it could cut its presence in Hungary after losses there
pushed it into the red in the last quarter, calling the eastern
European country a “nightmare” for the banking industry.

Italy’s biggest retail lender said its CIB unit, Hungary’s
fifth-biggest bank, made a net loss of 279 million euros ($363
million) in the fourth quarter of 2012, almost entirely because
of higher provisions to cover bad debts.

Mar 11, 2013

Nomura to take Monte Paschi dispute to London-source

MILAN, March 11 (Reuters) – Japanese bank Nomura is
seeking to establish British jurisdiction for its dispute with
Monte dei Paschi di Siena over risky derivatives
trades, a source close to the matter said on Monday.

Nomura began proceedings in one of Britain’s top court on
March 1, the source said, speaking on condition of anonymity. On
the same day Italy’s scandal-hit Monte dei Paschi filed a
damages claim in a Florence court against Nomura, as well as
Deutsche Bank and two former executives of Monte dei
Paschi.

Mar 9, 2013

SPECIAL REPORT: Downfall of the world’s oldest bank

SIENA (Reuters) – The fax marked ‘confidential’ gave the chairman clear advice: the questions he would field and, most important of all, the answers he would need.

Written in English by Gian Luca Baldassarri, then head of finance at Italian bank Monte dei Paschi, the July 7, 2009 fax told Giuseppe Mussari, the lender’s chairman at the time, what he should say in a conference call with bankers from Japan’s Nomura later that day.

Mar 9, 2013

Special Report: Downfall of the world’s oldest bank

SIENA (Reuters) – The fax marked ‘confidential’ gave the chairman clear advice: the questions he would field and, most important of all, the answers he would need.

Written in English by Gian Luca Baldassarri, then head of finance at Italian bank Monte dei Paschi, the July 7, 2009 fax told Giuseppe Mussari, the lender’s chairman at the time, what he should say in a conference call with bankers from Japan’s Nomura later that day.

Mar 8, 2013

Autopsy points to Monte Paschi spokesman suicide: source

SIENA, Italy (Reuters) – An autopsy on the spokesman for scandal-hit Italian bank Monte Paschi di Siena showed injuries consistent with the theory he killed himself, a judicial source said on Friday.

David Rossi’s body was found on Wednesday lying beneath the open window of his third floor office in the bank’s headquarters, a restored 14th century fortress. An autopsy was carried out on Thursday at the request of his family.

Mar 5, 2013

Banco Popolare clean-up lifts shares despite wider loss

MILAN, March 5 (Reuters) – Shares in Italy’s Banco Popolare
rose slightly on Tuesday as the market welcomed an
increase in loan loss provisions as a clean-up of its balance
sheet.

Banco Popolare, Italy’s fourth-largest bank by number of
branches, warned late on Monday it expected a net loss for 2012
of around 330 million euros ($429 million) after it raised
provisions on non-performing loans in the fourth quarter to 650
million euros.

Feb 25, 2013

Messy election outcome to weigh on Italian markets

MILAN, Feb 26 (Reuters) – Italian bonds and shares were set
to fall on Tuesday as a messy election result fuelled fears of a
hung parliament and an ungovernable country.

A huge protest vote on Monday by Italians enraged by
economic hardship and political corruption pushed the country
towards deadlock, with no coalition likely to be strong enough
to form a government.