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Aug 23, 2013

Monte Paschi accused of misleading Italy regulator in 2012

MILAN/ROME, Aug 23 (Reuters) – Banca Monte dei Paschi di
Siena (BMPS.MI: Quote, Profile, Research) sparked fresh controversy on Friday when it was
accused of misleading Italy’s market regulator as recently as
October 2012, shortly before it received a 4.1-billion euro

($5.47 billion) state bailout.

Monte dei Paschi is already at the centre of a judicial
investigation into its acquisition of smaller rival Antonveneta
in 2008 and a series of derivatives trades the bank allegedly
used to conceal losses.

Aug 23, 2013

Exclusive: Monte Paschi accused of misleading Italy regulator

MILAN/ROME (Reuters) – Banca Monte dei Paschi di Siena sparked fresh controversy on Friday when it was accused of misleading Italy’s market regulator in the run-up to a state bailout earlier this year.

Monte dei Paschi is already at the center of a judicial probe into its acquisition of smaller rival Antonveneta in 2008 and a series of derivatives trades the bank allegedly used to conceal losses.

Aug 23, 2013

Monte Paschi accused of misleading Italy regulator

MILAN/ROME, Aug 23 (Reuters) – Banca Monte dei Paschi di
Siena sparked fresh controversy on Friday when it was
accused of misleading Italy’s market regulator in the run-up to
a state bailout earlier this year.

Monte dei Paschi is already at the centre of a judicial
probe into its acquisition of smaller rival Antonveneta in 2008
and a series of derivatives trades the bank allegedly used to
conceal losses.

Aug 13, 2013

Berlusconi’s daughter denies she will lead Italy centre-right

MILAN, Aug 13 (Reuters) – Silvio Berlusconi’s oldest
daughter Marina, head of his $6.6 billion business empire, on
Tuesday flatly dismissed growing speculation that she would
replace her father as leader of Italy’s centre-right after his
conviction for tax fraud.

Talk that she would take over the leadership intensified
after the supreme court upheld his conviction on Aug.1,
confirming he faces a year’s house arrest or community service.

Aug 8, 2013

Bad debts may force Italy’s banks to tap investors, state for capital

MILAN, Aug 8 (Reuters) – With bad debts set to climb for at
least another year and the central bank intensifying its
scrutiny of the sector, Italy’s banks may be forced to tap
investors or even the state for a capital fix.

Italian lenders have raised more than 26 billion euros ($35
billion) since the 2008 financial crisis, cut 20,000 jobs, sold
assets and closed branches to strengthen their balance sheets.

Aug 8, 2013

Bad debts may force Italy’s banks to tap investors, state for capital

MILAN, Aug 8 (Reuters) – With bad debts set to climb for at
least another year and the central bank intensifying its
scrutiny of the sector, Italy’s banks may be forced to tap
investors or even the state for a capital fix.

Italian lenders have raised more than 26 billion euros ($35
billion) since the 2008 financial crisis, cut 20,000 jobs, sold
assets and closed branches to strengthen their balance sheets.

Aug 7, 2013

Monte dei Paschi’s losses worsen due to bad debts, income drop

MILAN, Aug 7 (Reuters) – Scandal-hit Italian bank Monte dei
Paschi di Siena made a bigger than expected
second-quarter loss due to higher writedowns on loans and a
sharp drop in interest income, making it harder for Italy’s
third-biggest bank to avoid partial nationalisation next year.

The world’s oldest bank reported a loss of 279.3 million
euros ($372 million) on Wednesday, its fifth consecutive
quarterly loss and worse than the average forecast of 150.6
million euros given in a Reuters poll of five analysts.

Aug 6, 2013

UniCredit points to early recovery signs in Italy

MILAN, Aug 6 (Reuters) – UniCredit, Italy’s
largest bank by assets, pointed to early signs of economic
recovery in its home country even as it set aside more money for
bad loans due to a prolonged recession in the euro zone’s
third-biggest economy.

Like domestic rival Intesa Sanpaolo, UniCredit
increased provisions in the second quarter to cover bad loans,
which continued to climb, although at a slower pace than in the
previous quarter, according to results released on Tuesday.

Aug 2, 2013

Intesa makes more bad loan provisions as profit falls

MILAN, Aug 2 (Reuters) – Net profit at Intesa Sanpaolo
, Italy’s biggest retail bank, fell more than expected
in the second quarter, tumbling 75 percent as it set aside more
money to cover souring loans in its recession-hit local market.

Bad loans have become one of the main troublespots for
Italian banks and the Bank of Italy said this week it had
intensified inspections of the loan books of eight lenders,
although a source close to the matter said none of Italy’s top
five banks were among those under extra scrutiny.

Aug 1, 2013

Generali says won’t sell BSI if price not right

MILAN/LONDON (Reuters) – Italian insurer Generali SpA (GASI.MI: Quote, Profile, Research, Stock Buzz) is still looking for buyers for its Swiss private banking business BSI, but won’t sell if the price isn’t right, company executives said on Thursday.

The sale of BSI, which has an estimated book value of 2.3 billion Swiss francs ($2.5 billion), is important for Generali as the proceeds would help it shore up its capital and cut debt.