Silvia's Feed
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.

Sep 9, 2013

Italy’s Monte Paschi’s new capital needs could mean nationalisation

MILAN/ROME (Reuters) – Italy’s Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research) may have to be nationalised unless it can raise more than twice as much capital as originally planned, to meet new European Union requirements.

The bank, the country’s third largest, must find an extra 2.5 billion euro (£2.1 billion) to shore up its finances, the government said late on Sunday, highlighting its continuing weakness after a huge derivatives scandal surfaced this year.

Sep 9, 2013

Monte Paschi doubles planned capital hike to 2.5 billion euros

ROME/MILAN (Reuters) – Italy’s Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) will seek 2.5 billion euros ($3.3 billion) in fresh capital from investors to shore up its finances, an amount that is more than double its original plan and makes nationalization more likely should the cash call fail.

The world’s oldest bank, Italy’s third biggest, said on Monday it expected to approve a new, tougher restructuring plan on September 24 to win the green light from the European Commission for a 4.1 billion euro state bailout it received this year.

Sep 2, 2013

Businesswoman to head Monte Paschi top shareholder

MILAN, Sept 2 (Reuters) – The top shareholder in Banca Monte
dei Paschi di Siena, Italy’s third largest lender,
picked a Siena-born businesswoman as its new head on Monday,
ending weeks of wrangling among local politicians.

Antonella Mansi, a 39-year old executive at her family
chemicals business who also chairs a small private bank, was
appointed chairwoman of the Monte dei Paschi foundation, which
has a 33.5 percent stake in the bank, the foundation said in a
statement.

Aug 30, 2013

Italy’s Banca Marche put under special administration

MILAN, Aug 30 (Reuters) – Italian lender Banca Marche has
been placed under special administration by the Bank of Italy
after posting a net loss of 232 million euros ($305.9 million)
in the first half, due to big writedowns on its loan portfolio.

The bank, the target of an extended inspection by the
central bank, said on Friday its Core Tier 1 ratio – a key
measure of financial strength – had fallen to 4.29 percent at
the end of June, making it one of the weakest in Italy.