MILAN, May 3 (Reuters) – Italy’s No. 3 lender Banca Monte
dei Paschi di Siena named Fabrizio Viola as its new
chief executive on Thursday, as the world’s oldest bank revamps
its management team to restore its profitability.
Born in Rome, the 54-year old, stout Viola is the first CEO
in Monte dei Paschi’s history and a rare outsider at the helm of
the bank together with Genoa-born Alessandro Profumo, who was
formally appointed chairman last week.
COMO, Italy (Reuters) – Tarnished by a widening corruption scandal, Italy’s Northern League is fighting to contain damage at local elections next week, but even its usually feisty founder Umberto Bossi is not holding out much hope.
“With all the problems we’ve had, these polls will be difficult for us,” a subdued and tired-looking Bossi said at a sparsely attended rally near Como, a lakeside city in the rich Lombardy region that is one of the party’s strongholds.
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.
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.
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
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.
(Reuters) – André 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.
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.
MILAN/LONDON, April 16 (Reuters) – André 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.
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.