MILAN, March 28 (Reuters) – Intesa Sanpaolo,
Italy’s biggest retail bank, posted a net loss of 4.55 billion
euros ($6.25 billion) on Friday, due to heavy writedowns on bad
loans and impairments on some units, but said it was now on
course to rebuild profits.
The loss would have been even bigger had the bank not booked
a pre-tax capital gain of 2.56 billion euros from the
revaluation of its stake in the Bank of Italy.
ROME/MILAN, March 19 (Reuters) – In just six months,
Antonella Mansi has cut the umbilical cord that for 500 years
united Monte dei Paschi di Siena to its medieval home
Mansi, a 39-year-old chemicals company executive, took the
helm of the Monte dei Paschi foundation – a powerful and
politically-connected charity that was long the bank’s
controlling shareholder – last year.
MILAN (Reuters) – The top investor in Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) halved its stake in Italy’s third biggest lender to 15 percent to pay off its debts ahead of a 3-billion euro ($4.2 billion) capital increase the bank needs to avert nationalization.
The Monte dei Paschi foundation, a not-for-profit entity which held just under a 30 percent stake in the bank, said in a statement issued at the request of the market watchdog that it had sold a 12 percent stake after the market close on Tuesday.
MILAN, March 12 (Reuters) – Italian banks are setting aside
billions of euros to cover for years of bad loans accumulated as
the economy soured, in a long-overdue balance sheet clean-up
that could preface better times for the euro zone’s
Italy’s largest bank by assets UniCredit and
troubled lender Monte dei Paschi di Siena this week
announced the write-downs – of 13.7 billion and 2.75 billion
euros respectively – as they prepare for an industry-wide health
check that European lenders are undergoing this year.
MILAN (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research) posted a shock 14 billion-euro (£11.66 billion) loss for 2013 after huge writedowns on acquisitions and bad loans, as it moved to clean up its balance sheet ahead of a sector-wide health check by European regulators.
Italy’s biggest bank by assets said on Tuesday full-year provisions against losses from loans totalled 13.7 billion euros, with 9.3 billion euros in the fourth quarter alone.
MILAN (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz) posted a shock 14 billion-euro ($19 billion) loss for 2013 after huge writedowns on acquisitions and bad loans, as it moved to clean up its balance sheet ahead of a sector-wide health check by European regulators.
Italy’s biggest bank by assets said on Tuesday full-year provisions against losses from loans totaled 13.7 billion euros, with 9.3 billion euros in the fourth quarter alone.
MILAN, March 6 (Reuters) – The biggest shareholder in Monte
dei Paschi di Siena on Thursday denied press reports
that it had sold a stake of at least 8 percent in Italy’s
Three Italian newspapers reported that the Monte dei Paschi
foundation, which owns 31.5 percent of the bank, had sold
between 8 and 12 percent on Wednesday, sending the shares
sharply higher for a second consecutive day.
ZURICH/MILAN (Reuters) – Italy’s antitrust authorities said Swiss drugmakers Novartis and Roche colluded to try to stop cancer drug Avastin being used to treat a serious eye disease, and fined the companies 182.5 million euros ($251 million).
In a statement on Wednesday, Italy’s regulator accused the two Basel-based firms of striking an alliance to prevent distribution of Roche’s Avastin as a treatment for wet age-related macular degeneration (AMD) in favor of the more expensive drug Lucentis made by Novartis.
MILAN, Feb 28 (Reuters) – Italy’s No. 4 lender Banco
Popolare booked 1.7 billion euros ($2.3 billion) of
charges to cover bad loans in 2013, setting the tone for the
country’s banks as they clean their books ahead of an industry
health check by European regulators.
The writedowns, of which 1 billion euros were taken in the
fourth quarter, led to a full-year net loss of 606 million euros
- the third straight annual loss for Banco Popolare – and come
ahead of results from other Italian banks next month.
MILAN, Feb 20 (Reuters) – A drive by Italian banks to come
clean on bad loans during a European bank health check may force
them to raise as much as 20 billion euros in capital, three
times more than that pencilled in so far, to shore up their
The bad debts are a problem that Italian banks had swept
under the carpet because booking soured loans at market value
would open a big hole in their accounts.