Silvia's Feed
Nov 13, 2013

Intesa profit falls on bad loans, cautious on dividend

MILAN, Nov 13 (Reuters) – Net profit at Intesa Sanpaolo
, Italy’s biggest retail bank, halved in the third
quarter due to higher loan loss charges and the bank warned it
may not pay a dividend for this year.

Intesa – which like other Italian banks has been hit hard by
the country’s longest post-war recession – turned in a net
profit of 218 million euros ($293 million), down from 414
million euros in the same period a year ago.

Nov 13, 2013

Italian banks’ weak results show recovery still long way off

MILAN, Nov 13 (Reuters) – Weak third-quarter results from
Italy’s top lenders indicate a meaningful recovery in the sector
may be a long way off, with lower lending volumes weighing on
revenues and bad debts still stubbornly high.

UniCredit, Italy’s largest bank by assets, set the
tone earlier this week with a 40 percent drop in net profit and
a bigger than expected fall in net interest income – a measure
of how much money a retail bank makes from its core lending
business.

Nov 5, 2013

Italian banks near saturation point on government debt

MILAN, Nov 5 (Reuters) – Italian banks are near saturation
point after two years spent frantically buying their own
government’s bonds, forcing the Treasury to find alternative
investors at home and abroad to finance a 2-trillion euro debt.

Lenders’ ability to soak up yet more Italian sovereign debt
depends largely on the European Central Bank – which in turn
says Italy is crucial to the fate of the entire euro zone.

Oct 3, 2013

UniCredit eyes Poland’s BGZ, might leave Ukraine: CEO

MILAN (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz), Italy’s largest bank by assets, has submitted a preliminary offer to buy Poland’s Bank BGZ BGZ.WA and is sounding investors out on the possibility of selling its Ukrainian unit, Chief Executive Federico Ghizzoni said.

Ghizzoni, who earlier this year sold Unicredit’s Kazakh operation, said this was part of the bank’s strategy to strengthen its presence in countries it considers “core” and leave those markets where it sees little opportunity for growth.

Oct 1, 2013

Intesa’s ouster shows influence of old guard in Italy’s banking

MILAN, Oct 1 (Reuters) – Enrico Cucchiani’s ousting from
Italy’s biggest retail bank underscores the power of the old
guard in the financial system that critics say holds the economy
back.

Cucchiani, 63, was forced out less than two years into the
job as Intesa Sanpaolo chief executive after clashing with
Giovanni Bazoli, an octogenarian banker who is the mighty head
of the bank’s supervisory board.

Sep 24, 2013

Monte Paschi delays approval of new rescue plan

MILAN/rome, Sept 24 (Reuters) – The board of Monte dei
Paschi di Siena, Italy’s third biggest lender and the
world’s oldest bank, delayed approval on Tuesday of a radical
restructuring plan aimed at winning the European Union’s
go-ahead for a 4.1 billion-euro ($5.5 billion) state bailout and
averting nationalisation.

The bank was brought close to financial collapse by the euro
zone debt crisis and is engulfed in a judicial probe over its
costly purchase of a rival in 2007 and loss-making trades in
financial derivatives which it made in the deal’s aftermath.

Sep 23, 2013

Monte Paschi set to approve new rescue plan

MILAN/ROME (Reuters) – Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz), Italy’s third-biggest lender, is set to approve a drastic restructuring plan on Tuesday aimed at winning the European Union’s green light for a 4.1 billion euro state bailout and averting nationalization.

The world’s oldest bank was brought close to financial collapse by the euro zone debt crisis and is engulfed in a judicial probe over its costly purchase of a rival in 2007 and loss-making derivative trades it made in the deal’s aftermath.

Sep 23, 2013

Monte Paschi freezes coupon payments on hybrid debt

MILAN (Reuters) – Monte dei Paschi di Siena (MPS) (BMPS.MI: Quote, Profile, Research, Stock Buzz) has cancelled coupon payments on three hybrid loans coming due at the end of the month to meet European conditions for approving a 4.1 billion euro ($5.5 billion) state bailout.

Italy’s third-biggest bank, brought close to collapse by the euro zone debt crisis, is set to unveil a turnaround plan this week after the EU told it to toughen up a previous set of restructuring measures.

Sep 20, 2013

Monte Paschi seeks to avert nationalization with turnaround plan

MILAN/ROME (Reuters) – Italy’s scandal-hit Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) will next week unveil a drastic turnaround plan for the bank to meet European Union demands and try to lure investors in a make-or-break attempt to avoid nationalization.

Italy’s third biggest lender was brought close to financial collapse by the euro zone debt crisis and is engulfed in a judicial probe over its costly purchase of a rival in 2007 and loss-making derivative trades it made in the deal’s aftermath.

Sep 9, 2013

Monte Paschi’s new capital needs could force nationalization

MILAN/ROME (Reuters) – The prospect of nationalisation looms large for Italy’s Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) now that the beleaguered lender needs to raise more than twice as much capital as originally planned to meet new European Union requirements.

Italy’s third largest bank said on Monday it would approve a tougher than initially expected restructuring plan on September 24 to comply with European Union demands, confirming investor fears it is struggling to emerge from the euro zone debt crisis.