MILAN (Reuters) – Italian holding company Premafin (PRAI.MI: Quote, Profile, Research, Stock Buzz) has postponed a shareholder meeting originally scheduled for Monday to allow more time for its troubled Fondiaria-SAI (FOSA.MI: Quote, Profile, Research, Stock Buzz) unit to agree terms of a merger with rival insurer Unipol (UNPI.MI: Quote, Profile, Research, Stock Buzz).
The meeting, rescheduled for June 12, had been called to approve a Premafin capital increase reserved for Unipol as part of a rescue plan for struggling insurance group Fondiaria.
MILAN, May 16 (Reuters) – Banca Monte dei Paschi di Siena
, Italy’s No 3 lender, said it could issue contingent
convertible (CoCo) bonds to help plug a 3.3 billion euros ($4.2
billion) capital shortfall, acknowledging for the first time
that its existing plan to fill the gap may be inadequate.
CoCo bonds, which convert into equity if banks hit trouble,
have been used sparingly as they are viewed as costly to sell
for weaker lenders struggling to meet tougher capital
requirements set by the European Banking Authority last year.
MILAN, May 15 (Reuters) – Italy’s biggest retail bank Intesa
Sanpaolo reported a sharp rise in provisions for risky
loans in its first quarter, as the Italian economy plunged
deeper into recession.
The lender was forced to set aside 970 million euros for
doubtful loans over the quarter, a 43 percent rise compared to a
year earlier – reflecting deteriorating credit quality in the
country where Intesa earns 80 percent of its revenues.
SIENA, May 10 (Reuters) – Monte dei Paschi di Siena was
lending money before Columbus discovered America, before the
Spanish Inquisition and before Henry VII defeated Richard III at
the Battle of Bosworth to become king of England.
With that kind of history behind it, one could be excused
for thinking that the bank and the powerful “foundation” that
controls it, have seen it all.
SIENA, Italy, May 10 (Reuters) – Monte dei Paschi’s
top executives expressed surprise on Thursday at the
scale and timing of a judicial probe over the pricey acquisition
of smaller rival Antonveneta from Spain’s Santander,
agreed in 2007.
Bank Chairman Alessandro Profumo and CEO Fabrizio Viola,
both recently appointed to turn around the fortunes of the
world’s oldest lender, said the investigation would not delay
their restructuring plans.
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