Silvia's Feed
Apr 27, 2012

Monte Paschi appoints ex-UniCredit boss as chairman

SIENA, Italy, April 27 (Reuters) – Former UniCredit boss
Alessandro Profumo got a taste of the challenge he faces as
Monte dei Paschi’s new chairman when angry shareholders lamented
the lender’s weak results on Friday and demanded a drastic
change in strategy to restore profitability.

The top shareholder in Banca Monte dei Paschi di Siena
, Italy’s No. 3 lender, said the bank’s 2011
performance had been disappointing and particularly feeble in
the fourth quarter, unlike that of its domestic rivals.

Apr 26, 2012

Govt debt woes bigger pain for Italy’s banks than Spain’s

MILAN, April 26 (Reuters) – Italian banks face a tougher
task than their Spanish peers as both come under political
pressure to buy domestic government bonds to offset reduced
demand from foreign investors, posing risks to Italy’s attempts
to refinance its borrowings.

While Spain’s struggle to reduce its debt pile has been
unsettling financial markets in recent days, its banks are in a
better position to step in and help with purchases of government
bonds than their counterparts in Italy.

Apr 19, 2012

Fondiaria seeks better Unipol deal, probe widens

MILAN, April 19 (Reuters) – Italy’s No.2 insurer
Fondiaria-SAI said on Thursday it would seek improvements to a
deal that would see it rescued by peer Unipol, but a widening
judicial probe into the Fondiaria group risks complicating any
agreement between the two sides.

Italy’s tax police said earlier that they had seized a 20
percent stake in Premafin, the holding company controlling
Fondiaria-SAI.

Apr 19, 2012

UniCredit to keep Italian govt bond holdings stable – CEO

MILAN, April 19 (Reuters) – Italian lender UniCredit
plans to keep its Italian government bond holdings at
the current levels of around 38 billion euros ($50 billion),
chief executive Federico Ghizzoni said.

The bank has around 13-14 billion euros of Italian bonds
maturing this year and will roll them over, and does not intend
to increase its overall exposure.

Apr 16, 2012

Insider trading fine casts cloud over BTG Pactual IPO

By Silvia Aloisi and Steve Slater

(Reuters) – AndrĂ© Esteves, the billionaire boss of Brazil’s BTG Pactual, has been fined 350,000 euros ($457,900) by Italy’s financial regulator for insider trading, just 10 days before his investment bank’s looming stock market listing.

BTG Pactual said its activities would be unaffected by the ruling against Esteves, who owns 24 percent of the Brazilian bank, making him one of Brazil’s richest executives. But it will force the bank to amend its prospectus, give investors the option of reconsidering bids for BTG shares, and puts a cloud over one of this year’s highest profile bank deals.

Apr 16, 2012

Unipol sets conditions for Fondiaria-SAI merger

MILAN (Reuters) – Italian insurer Unipol (UNPI.MI: Quote, Profile, Research, Stock Buzz) laid down its conditions on Monday for pressing ahead with the rescue of peer Fondiaria-SAI (FOSA.MI: Quote, Profile, Research, Stock Buzz), saying it wanted to own 66.7 percent of the new merged group that would become Italy’s No. 2 insurer.

In January, Bologna-based Unipol agreed to a complex 1.7 billion euro (US$2.22 billion) deal to save Fondiaria-SAI through a four-way merger that involves three capital hikes.

Apr 16, 2012

BTG Pactual boss Esteves fined for insider trading

MILAN/LONDON, April 16 (Reuters) – AndrĂ© Esteves, the
billionaire boss and controlling investor of Brazilian
investment bank BTG Pactual, has been fined 350,000 euros
($457,900) by Italy’s financial regulator for insider trading
five years ago.

Esteves bought shares in Italian meat company Cremonini in
November 2007, a purchase that was based on privileged
information about a planned joint venture involving the company,
Italian market watchdog Consob said on Monday.

Apr 5, 2012

Italy Northern League leader resigns amid fraud scandal

MILAN (Reuters) – Umberto Bossi, the firebrand leader of Italy’s opposition Northern League party, resigned on Thursday after allegations that taxpayers’ money was used to pay for renovations at his villa and holidays for his children, the party said.

The move, announced at a meeting of the League’s federal council in Milan, is likely to destabilize the populist, anti-immigration party, weakening one of the main political forces opposing Prime Minister Mario Monti’s austerity program in parliament.

Apr 4, 2012

Fiat sees Europe 2012 car sales down for fifth year

TURIN, Italy, April 4 (Reuters) – European new car sales
will decline for the fifth year in a row in 2012 to 13 million
units, Fiat Chief Executive Sergio Marchionne said on
Wednesday, predicting stabilisation and the beginnings of a
recovery only at the end of the year.

That would compare with 13.1 million cars sold in Europe
last year, and almost 16 million cars sold in 2007, before the
start of the financial crisis, according to figures from lobby
group ACEA.

Mar 29, 2012

Big writedowns drag Monte Paschi deep into the red

MILAN (Reuters) – Banca Monte dei Paschi di Siena SpA (BMPS.MI: Quote, Profile, Research, Stock Buzz), Italy’s No.3 lender, posted a stunning 4.69 billion euros ($6.2 billion) loss in 2011 after writing down billions of euros of goodwill on past deals to clean up a balance sheet ravaged by the euro zone debt crisis.

Monte dei Paschi, the last Italian lender to report results, follows in the steps of bigger domestic banks such as UniCredit SpA (CRDI.MI: Quote, Profile, Research, Stock Buzz) and Intesa Sanpaolo SpA (ISP.MI: Quote, Profile, Research, Stock Buzz), which have both booked massive writedowns triggered by the euro zone storm of 2011.