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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.

Feb 20, 2013

Consumer group says Monte Paschi may face more losses

MILAN/ROME, Feb 20 (Reuters) – Monte dei Paschi
could face an extra loss of up to 1.5 billion euros ($2 billion)
because of the way it accounted for derivatives trades,
according to a leading consumer group challenging the bank’s
state bailout.

The derivatives trades, carried out from 2008-09, are at the
centre of an investigation into alleged fraud and corruption at
the world’s oldest bank. The scandal has triggered a political
storm ahead of an election on Feb. 24-25 because of the lender’s
close ties to the centre-left Democratic party (PD).

Feb 13, 2013

Insight – Monte Paschi hiked Antonveneta bid to see off BNP

MILAN/LONDON (Reuters) – Monte dei Paschi pumped up its bid for Antonveneta to trump a rival offer from France’s BNP Paribas, paving the way for an eventual state bailout of the world’s oldest bank and a political furor in Italy over its finances.

The new disclosure comes in a report by Italy’s financial police and is based on statements from an adviser to the seller, Spain’s Santander. Reviewed by Reuters, the document reveals for the first time why Monte dei Paschi may have offered such a high bid for its smaller Padua-based rival and why it did not conduct any due diligence before agreeing the deal.

Feb 13, 2013

Monte Paschi hiked Antonveneta bid to see off BNP

MILAN/LONDON, Feb 13 (Reuters) – Monte dei Paschi
pumped up its bid for Antonveneta to trump a rival offer from
France’s BNP Paribas, paving the way for an eventual
state bailout of the world’s oldest bank and a political furor
in Italy over its finances.

The new disclosure comes in a report by Italy’s financial
police and is based on statements from an adviser to the seller,
Spain’s Santander. Reviewed by Reuters, the document
reveals for the first time why Monte dei Paschi may have offered
such a high bid for its smaller Padua-based rival and why it did
not conduct any due diligence before agreeing the deal.

Feb 8, 2013

Monte Paschi struck secret deal over Antonveneta -police

SIENA, Italy, Feb 8 (Reuters) – Monte dei Paschi struck a
last-minute, secret deal with Bank of New York that allowed the
Italian bank to mislead authorities and smoothed through its
acquisition of rival Antonveneta, according to a report by the
financial police in Italy.

A deepening fraud and bribery scandal at the country’s third
largest bank has caused a political outcry ahead of a
parliamentary election on Feb. 24-25, with the Bank of Italy
under fire over suspected financial irregularities at the Tuscan
institution.