Silvia's Feed
May 12, 2014

UniCredit returns to profit as bad loans fall

MILAN (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz) returned to profit in the first quarter of the year and said bad loans had fallen for the first time since 2008 as the Italian economy shows the first signs of recovery.

Italy’s biggest bank by assets beat analyst expectations with a net profit of 712 million euros ($979 million), up nearly 60 percent on a year earlier and compared with a consensus forecast of 550 million euros distributed by the bank.

May 9, 2014

Italy’s Berlusconi starts community service at old people’s home

CESANO BOSCONE, Italy (Reuters) – A somber and silent Silvio Berlusconi entered a Catholic old people’s home outside Milan on Friday to begin community service as part of a one-year sentence for tax fraud.

Berlusconi, at 77 still the most influential politician of Italy’s center-right, had a four-year jail sentence handed down last August commuted into an obligation to spend four hours a week for a year at a center for the elderly.

Apr 18, 2014

Monte Paschi approves plan to increase cash call to 5 bln euros

MILAN, April 18 (Reuters) – The board of Italian bank Monte
dei Paschi di Siena on Friday approved a proposal to
boost the size of a share sale it is planning to 5 billion euros
($6.9 billion) to help cover any gaps a Europe-wide bank check
might find in its finances.

Italy’s third-largest bank held an extraordinary board
meeting after saying this week that it was evaluating how much
capital it needed ahead of an asset review by the European
Central Bank and after discussions with the Bank of Italy.

Apr 15, 2014

Berlusconi ordered to do community service for tax conviction

MILAN (Reuters) – An Italian court on Tuesday ordered former Prime Minister Silvio Berlusconi to serve a tax fraud sentence by doing community service and set travel restrictions that will limit his ability to campaign for next month’s European Parliament elections.

The Milan court ruled Berlusconi must spend at least four hours a week in a center for the elderly for one year.

Apr 14, 2014

Popolare Milano falls sharply after governance reform rejected

MILAN, April 14 (Reuters) – Shares in Banca Popolare di
Milano fell sharply on Monday after its shareholders
unexpectedly rejected reforms designed to attract new investors
three weeks before the Italian cooperative bank launches a
capital increase.

The reform proposal, which would have given institutional
investors a greater say and limited the power of employee
shareholders and union representatives, fell short of a
two-thirds majority needed for approval at a shareholder meeting
on Saturday.

Mar 31, 2014

Monte Paschi shareholder sells big stake to LatAm investors

MILAN, March 31 (Reuters) – The former controlling
shareholder in Monte dei Paschi di Siena has sold a
6.5 percent stake in Italy’s third-largest bank to two big Latin
American funds, another sign of foreign investors’ appetite for
Italian lenders.

News of the Monte Paschi foundation’s sale to Fintech
Advisory and BTG Pactual Europe follows purchases of shares in
several Italian lenders by BlackRock, the world’s
largest asset manager, and sent the bank’s shares up more than
11 percent on Monday.

Mar 28, 2014

Intesa Sanpaolo posts 4.55 bln-euro net loss after writedowns

MILAN, March 28 (Reuters) – Intesa Sanpaolo,
Italy’s biggest retail bank, posted a net loss of 4.55 billion
euros ($6.25 billion) on Friday, due to heavy writedowns on bad
loans and impairments on some units, but said it was now on
course to rebuild profits.

The loss would have been even bigger had the bank not booked
a pre-tax capital gain of 2.56 billion euros from the
revaluation of its stake in the Bank of Italy.

Mar 19, 2014

Banking foundation cuts historic ties with Monte Paschi share sale

ROME/MILAN, March 19 (Reuters) – In just six months,
Antonella Mansi has cut the umbilical cord that for 500 years
united Monte dei Paschi di Siena to its medieval home
town.

Mansi, a 39-year-old chemicals company executive, took the
helm of the Monte dei Paschi foundation – a powerful and
politically-connected charity that was long the bank’s
controlling shareholder – last year.

Mar 18, 2014

Monte Paschi top investor cuts stake to 15 percent

MILAN (Reuters) – The top investor in Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) halved its stake in Italy’s third biggest lender to 15 percent to pay off its debts ahead of a 3-billion euro ($4.2 billion) capital increase the bank needs to avert nationalization.

The Monte dei Paschi foundation, a not-for-profit entity which held just under a 30 percent stake in the bank, said in a statement issued at the request of the market watchdog that it had sold a 12 percent stake after the market close on Tuesday.

Mar 12, 2014

ECB review forces Italian banks to face up to reality

MILAN, March 12 (Reuters) – Italian banks are setting aside
billions of euros to cover for years of bad loans accumulated as
the economy soured, in a long-overdue balance sheet clean-up
that could preface better times for the euro zone’s
third-largest economy.

Italy’s largest bank by assets UniCredit and
troubled lender Monte dei Paschi di Siena this week
announced the write-downs – of 13.7 billion and 2.75 billion
euros respectively – as they prepare for an industry-wide health
check that European lenders are undergoing this year.