MILAN/ROME, Dec 18 (Reuters) – The head of the top investor
in troubled Italian lender Monte dei Paschi di Siena
insisted a 3 billion euro ($4.1 billion) rights issue must be
delayed until at least May, rejecting accusations that she
risked forcing the bank’s nationalisation.
The cash call, which the bank’s management wants to launch
in January, is part of a restructuring demanded by the European
Commission for approving a 4.1 billion euro state bailout Monte
dei Paschi received earlier this year.
MILAN/ROME (Reuters) – The board of Italian lender Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) said it disagreed with a request by its top investor to delay a 3-billion euro ($4 billion) capital increase, setting the scene for a showdown at a shareholder meeting this month.
Chairman Alessandro Profumo and Chief Executive Fabrizio Viola want to launch the rights issue, meant to avert nationalization, in January and have secured a pool of banks to guarantee it.
MILAN, Nov 28 (Reuters) – A preliminary commitment by banks
to underwrite Monte dei Paschi’s 3-billion euro ($4
billion) capital increase expires at the end of January, the
Italian bank said in a document showing why it needs to press on
with the cash call.
If no capital increase is launched by that date, the
pre-underwriting agreement with a pool of 10 banks would come to
an end and Monte dei Paschi would have to restart negotiations
to form a new consortium guaranteeing the rights issue, it said.
MILAN/ROME (Reuters) – Bailed-out Italian lender Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) is to go ahead with a rights issue of up to 3 billion euros ($4 billion), more than its market value, to avoid nationalization.
The cash call, 500 million euros higher than the amount the world’s oldest bank had said it planned to raise in September, should be completed in the first quarter of 2014, the Tuscan lender said in a statement after a board meeting.
MILAN/ROME, Nov 26 (Reuters) – Italian lender Monte dei
Paschi di Siena approved on Tuesday a rights issue of
up to 3 billion euros ($4 billion), more than its market value,
to win EU approval for a state bailout.
The cash call, 500 million euros higher than the level the
bank had announced in September, should be completed in the
first quarter of 2014, the Tuscan lender said in a statement
after a board meeting.
ROME/MILAN, Nov 25 (Reuters) – Italian lender Monte dei
Paschi di Siena is set to approve a capital increase
of up to 3 billion euros ($4.1 billion) on Tuesday, and aims to
launch the rights issue as early as January, four sources close
to the matter said.
In a statement on Monday, the Tuscan lender said a board
meeting had been called to discuss “capital operations”, without
giving more details.
MILAN (Reuters) – Italy’s scandal-hit Monte dei Paschi (BMPS.MI: Quote, Profile, Research, Stock Buzz) posted its sixth straight quarterly loss in the three months to September, highlighting the challenges the bailed-out Tuscan bank faces to lure private investors and avoid nationalization.
Italy’s third-largest bank by branches reported a net loss of 518 million euros ($697 million) in the first nine months of the year.
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.
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
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.