MILAN, March 18 (Reuters) – Big Italian banks are expected
to take up the bulk of longer-term cheap funds offered by the
European Central Bank this week, as a recovery in the domestic
economy encourages them to lend more, according to figures
provided by banks and compiled by Reuters.
Data collected from 14 large Italian lenders showed they
would request an overall 32 billion euros ($34 billion) at
Thursday’s TLTRO tender. That compares with a total take-up of
40 billion euros estimated by analysts in a Reuters poll.
MILAN (Reuters) – Italian medical device maker Sorin and its smaller U.S. peer Cyberonics Inc (CYBX.O: Quote, Profile, Research, Stock Buzz) announced a merger on Thursday to create a global leader in cardiac surgery and neuromodulation with an equity value of $2.7 billion.
The all-stock deal values the Italian company at about $1.4 billion, a 14.2 percent premium to its market capitalisation before the deal was announced.
ROME (Reuters) – Italy’s Monte dei Paschi bank hoped to become a big player of European finance when it bought rival Antonveneta in 2007. Instead, the takeover triggered a decline that is culminating in the 500-year-old bank putting itself up for sale.
Now, evidence uncovered by Reuters shows Italian regulators knew of the risks harbored at Antonveneta before approving the deal.
MILAN, Feb 11 (Reuters) – Monte dei Paschi di Siena
has raised the size of a planned capital increase to 3
billion euros ($3.39 billion) to meet tough capital targets set
by the European Central Bank after reporting its fourth
consecutive annual loss.
The bank, which has been hit by the euro zone debt crisis
and a scandal over loss-making derivatives contracts, emerged as
the weakest lender in a Europe-wide health check of banks last
MILAN, Feb 10 (Reuters) – Italian banks set aside less cash
than expected to cover for soured loans in the last quarter of
last year, signalling they might be starting to see the light at
the end of the tunnel as Italy’s economy is set to emerge from a
Italy’s biggest retail bank, Intesa Sanpaolo kicked
off the reporting season by raising its shareholder payout and
Popolare di Milano also returned to paying a dividend
for the first time in four years.
MILAN, Feb 7 (Reuters) – The Italian economy is expected to
grow more than previously forecast this year and the next as a
result of the European Central Bank’s bond buying programme,
Bank of Italy Governor Ignazio Visco said on Saturday.
The Italian central bank now expects the euro area’s
third-largest economy – and its most sluggish – to expand by
more than 0.5 percent this year and more than 1.5 percent the
next, Visco said in a speech at a financial conference.
MILAN, Feb 7 (Reuters) – State intervention could help
Italian banks offload soured loans, the governor of the Bank of
Italy said on Saturday as the government considers options to
mop up problematic debts and revive bank lending to the economy.
Bad loans stood at 181 billion euros ($208 billion) in
November, accounting for 10.6 percent of all loans at leading
Italian banks, which fared worst in a Europe-wide health check
of the sector last year.
MILAN/LONDON, Jan 23 (Reuters) – Italy’s move to overhaul
its cooperative banking sector does not mean a quick fix for
Monte dei Paschi.
The Tuscan lender will have to tap shareholders for at least
2.5 billion euros ($2.8 billion) by the end of July even if
Prime Minister Matteo Renzi gets his reform plans through
parliament in the next two months.
MILAN, Jan 19 (Reuters) – Shares in Italian cooperative
banks soared on Monday as the government prepared to put forward
a landmark reform of the sector that aims to abolish a rule
granting one vote to each shareholder regardless of the size of
Prime Minister Matteo Renzi said a government decree to be
discussed by his cabinet on Tuesday included measures to
“rationalise the credit sector”.
MILAN/ROME, Jan 9 (Reuters) – The European Central Bank
(ECB) has asked Monte dei Paschi di Siena to raise its
core capital level to 14.3 percent as it sets new, tougher
requirements for riskier lenders to bolster their financial
The Tuscan lender, which emerged as the weakest bank in a
Europe-wide health check of the sector last year, said the ECB
request was preliminary and subject to changes, adding it was
reviewing the proposal and would reply on Jan. 16.