MILAN (Reuters) – An Italian appeals court unexpectedly overturned Silvio Berlusconi’s conviction on charges of abuse of office and paying for sex with a minor, in a significant legal victory for the former prime minister.
The Milan court on Friday threw out a guilty verdict handed down last year by a lower tribunal, which had sentenced Berlusconi to seven years in jail and banned him from holding public office.
MILAN, June 10 (Reuters) – Italian bank Monte dei Paschi’s
5 billion euro capital raising caused confusion on the
Milan stock exchange on Tuesday, where the bank’s shares have
jumped 40 percent in two days but have not traded.
Italy’s third biggest bank, which has taken two bailouts
since 2010, is expected to succeed in raising the cash it needs
to repay the government aid and bolster its finances in
preparation for a wide-ranging review of European banks.
MILAN, June 10 (Reuters) – Shares in Monte dei Paschi
, the bailed-out Italian bank raising 5 billion euros
via a rights issue, did not trade for a second day on Tuesday
due to a technical bottleneck that has created a big gap between
bid and offer prices.
The shares also did not trade until the close on Monday, the
day Italy’s third biggest bank began the capital raising
designed to repay state aid and bolster its finances in
preparation for a Europe-wide review of lenders.
MILAN, June 9 (Reuters) – Bailed-out Italian bank Monte dei
Paschi di Siena launched a 5 billion euro ($6.9
billion) share sale on Monday, seeking to repay state aid and
bolster its finances in preparation for a pan-European review of
The share issue is one of nine capital increases already
completed or due to be launched this year by Italian banks after
the country’s longest recession since World War II.
MILAN/ROME, June 6 (Reuters) – Bailed-out Italian bank Monte
dei Paschi di Siena has warned its 5 billion euro
($6.9 billion euros) share issue may not be enough to bolster
its balance sheet if EU regulators force it to set aside more
cash to cover for bad loans.
In a 515-page prospectus for the cash call, due to start on
Monday, Italy’s third-largest bank said it could need further
capital-strengthening measures after the European Central Bank
(ECB) and the European Banking Authority (EBA) complete their
review of lenders across the euro zone.
MILAN, June 5 (Reuters) – Bailed-out lender Banca Monte dei
Paschi di Siena priced its upcoming 5-billion euro
rights issue at a big discount as it seeks to lure investors for
a vital cash call meant to avert nationalisation.
In a statement late on Thursday, the Tuscan lender said it
would offer new shares in the bank at 1 euro each, or a 35.5
percent discount to the theoretical share price accounting for
the dilution of the new shares.
SIENA (Reuters) – Shareholders in Italy’s Monte dei Paschi di Siena approved a proposal to boost the size of an upcoming share sale to 5 billion euros ($6.9 billion) to help it absorb a hit on its finances it expects from a Europe-wide bank health check.
At an extraordinary meeting in the bank’s hometown of Siena, shareholders overwhelmingly agreed to raise the capital increase, initially planned at 3 billion euros, by two billion euros. The new amount is twice the bank’s current market value.
ROME/MILAN (Reuters) – Italian magistrates are investigating three top executives at Unione di Banche Italiane (UBI), Italy’s fifth-biggest bank by branches, as part of a probe into alleged obstruction of regulators, four sources with knowledge of the situation said.
Tax police searched the offices of several managers at the bank’s headquarters in the northern city of Bergamo early on Wednesday, two sources said.
MILAN, May 13 (Reuters) – Banco Popolare, Italy’s
fourth-biggest lender by branches, slumped to a net loss in the
first quarter due to a jump in the amount of money it set aside
to cover bad loans, it said on Tuesday.
The bank’s net loss of 19 million euros compared with a
profit of 91.9 million a year ago, after net writedowns on loans
totaled 328 million, up 43 percent from the same period last
MILAN (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz) returned to profit in the first quarter of the year and said bad loans had fallen for the first time since 2008 as the Italian economy shows the first signs of recovery.
Italy’s biggest bank by assets beat analyst expectations with a net profit of 712 million euros ($979 million), up nearly 60 percent on a year earlier and compared with a consensus forecast of 550 million euros distributed by the bank.