Silvia's Feed
Nov 16, 2011

UniCredit seeks wider ECB funding for Italian banks-source

MILAN, Nov 16 (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research) will ask
the European Central Bank at a meeting on Wednesday to increase
access to ECB borrowing for Italian banks, a source close to the
bank said, highlighting funding concerns among the country’s
lenders.

Italian banks have increased their reliance on the ECB for
cheaper funding since the summer as the euro zone’s third
biggest economy was sucked ever deeper into the region’s debt
crisis and its lenders faced sharply higher refinancing costs.

Nov 14, 2011

Lossmaking UniCredit seeks $10.3bn, cuts 5,200 jobs

MILAN (Reuters) – Italian bank UniCredit plans to raise 7.5 billion euros ($10.3 billion) via a rights issue early next year to repair its balance sheet after suffering a third quarter net loss of 10.6 billion euros.

The bank also scrapped its dividend payment for 2011 and said it would cut 5,200 jobs in Italy to get back on track. Unicredit said on Monday its third-quarter net loss was due to 9.6 billion euros of goodwill writedowns.

Nov 14, 2011

Lossmaking UniCredit seeks $10.3 billion, cuts 5,200 jobs

MILAN (Reuters) – Italian bank UniCredit (CRDI.MI: Quote, Profile, Research) plans to raise 7.5 billion euros (6.4 billion pounds) via a rights issue early next year to repair its balance sheet after suffering a third quarter net loss of 10.6 billion euros.

The bank also scrapped its dividend payment for 2011 and said it would cut 5,200 jobs in Italy to get back on track. Unicredit said on Monday its third-quarter net loss was due to 9.6 billion euros of goodwill writedowns.

Nov 14, 2011

UniCredit to cut 5,000 jobs in dire quarter

MILAN (Reuters) – Profits at Italian bank UniCredit have all but evaporated and capital has shrunk to dangerous levels, results due on Monday will show as the bank prepares a $10 billion rights issue and 5,000 job cuts to get back on track.

In what will be Europe’s biggest bank capital raising for over a year and Italy’s biggest of the current crisis, the lender is set to ask for 7.5 billion euros ($10.3 billion) from shareholders and retrench to its core operations as it releases a dire set of third quarter results.

Nov 14, 2011

UniCredit to seek $10bn, cut 5,000 jobs in dire Q3

MILAN, Nov 14 (Reuters) – Profits at Italian bank
UniCredit have all but evaporated and capital has
shrunk to dangerous levels, results due on Monday will show as
the bank prepares a $10 billion rights issue and 5,000 job cuts
to get back on track.

In what will be Europe’s biggest bank capital raising for
over a year and Italy’s biggest of the current crisis, the
lender is set to ask for 7.5 billion euros ($10.3 billion) from
shareholders and retrench to its core operations as it releases
a dire set of third quarter results.

Nov 13, 2011

UniCredit to announce cap hike, equity unit cuts

MILAN, Nov 13 (Reuters) – UniCredit, Italy’s
largest bank by assets, is set to announce a rights issue of up
to 7.5 billion euros, thousands of job cuts and the exit from
its London-based equity sales and trading business to
substantially shore up its capital, sources close to the
operation said.

UniCredit’s strategic committee, whose members include the
banks’ top executives, was meeting on Sunday to discuss the
measures ahead of a final decision by the board on Monday.

Nov 10, 2011

Monte Paschi hopes to avoid capital increase

MILAN, Nov 10 (Reuters) – Italy’s Banca Monte dei Paschi di
Siena (BMPS.MI: Quote, Profile, Research) said it would not pay back 1.9 billion euros of
government-sponsored bonds for now as it seeks to avoid another
capital increase to meet tougher European requirements.

Monte Paschi, the world’s oldest bank, completed a 2.15
billion euro capital increase earlier this year but now faces
an additional shortfall of 3.1 billion euros to meet European
Banking Authority requirements — almost equal to its market
capitalisation.

Nov 10, 2011

Euro zone savers, outside Greece, keep cash in bank

MADRID/MILAN, Nov 10 (Reuters) – Greek savers may be
pulling their money from the country’s banks at a growing pace
but there’s no sign yet that depositors in other euro zone
countries are following suit.

Deposits in some countries like Portugal are in fact rising
as savers look to take advantage of higher interest rates.

Nov 8, 2011

Greek writedown, trading loss hit Intesa Q3 profits

MILAN, Nov 8 (Reuters) – Intesa Sanpaolo , Italy’s
biggest retail bank, reported a 29 percent drop in third quarter
net income from the previous quarter on Tuesday, hit by a 593
million euro ($815 million) writedown on its exposure to Greek
debt and trading losses.

Intesa posted net income of 527 million euros in the three
months to September compared with 741 million euros in the
previous quarter.

Nov 8, 2011

Government debt mark-down to hit Intesa’s Q3 profits

MILAN, Nov 8 (Reuters) – Intesa Sanpaolo , Italy’s
biggest retail bank, is expected to report a 60 percent
quarterly drop in profits when it releases results on Tuesday,
hit by a slump in trading income due to writedowns on its
domestic government bond holdings.

Intesa kicks off the third-quarter reporting season for
Italian commercial banks and investors will be looking past the
headline figures to focus on how it is seeking to counter the
impact of a spreading debt crisis that has sucked in the euro
zone’s third largest economy.