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Apr 29, 2013

No proof Nomura made wrongful gains -Monte Paschi judge

ROME/SIENA, April 29 (Reuters) – There was no evidence that
Nomura made wrongful or disproportionate gains from its
contentious “Alexandria” derivative deal with Italian bank Monte
dei Paschi, an Italian judge said in rejecting an
assets seizure order against the Japanese bank.

The “Alexandria” deal is one of three trades at the heart of
a criminal probe at Banca Monte dei Paschi di Siena, which
booked losses of 730 million euros in 2012 after saying details
of the complex derivatives deals had only just come to light.

Apr 29, 2013

Monte Paschi judge says no proof of Nomura making wrongful gains

ROME/SIENA (Reuters) – There was no evidence that Nomura (8604.T: Quote, Profile, Research, Stock Buzz) made wrongful or disproportionate gains from its contentious “Alexandria” derivative deal with Italian bank Monte dei Paschi MPSS.MI, an Italian judge said in rejecting an assets seizure order against the Japanese bank.

The “Alexandria” deal is one of three trades at the heart of a criminal probe at Banca Monte dei Paschi di Siena, which booked losses of 730 million euros in 2012 after saying details of the complex derivatives deals had only just come to light.

Apr 17, 2013

Italy prosecutors pursue Nomura assets in Europe

SIENA/MILAN (Reuters) – Italian prosecutors took steps in Germany and Britain on Wednesday to carry out the seizure of up to 1.95 billion euros ($2.6 billion) of assets from Japan’s Nomura (8604.T: Quote, Profile, Research, Stock Buzz), which they say is needed to halt further losses from Italy’s Monte dei Paschi bank.

Prosecutors in Italy accuse Japan’s largest broker of colluding with former managers of Monte dei Paschi, the world’s oldest bank, to set up huge hidden bets on Italian government bonds that helped drive the Italian bank close to collapse.

Mar 28, 2013

Italy’s Monte Paschi posts 3.2 bln euro loss in 2012

MILAN, March 28 (Reuters) – Italy’s Banca Monte dei Paschi
di Siena reported a wider-than-expected yearly net
loss as it booked higher bad debt provisions and losses on
derivatives trades which are at the centre of a fraud
investigation.

Its 2012 loss of 3.2 billion euros ($4.1 billion) compares
with an average estimate for a loss of 2.5 billion in a Reuters
poll of eight banks and brokerages and follows a 4.7 billion
loss in 2011.

Mar 28, 2013

Small businesses spell big problems for Italy and Spain

MILAN/MADRID, March 28 (Reuters) – Small companies
struggling to repay loans in Italy and Spain signal bigger
problems on the horizon for the euro zone after the dust has
settled on Cyprus’s last-ditch bailout this week.

Defaults by small and medium-sized enterprises (SMEs), easily
the biggest employers in Spain and Italy, are rising at a
worrying clip, spelling trouble for the banks and two countries
at the heart of Europe’s debt crisis.

Mar 27, 2013

Italy’s Monte Paschi headed for 2.5 billion euro 2012 loss

MILAN/ROME (Reuters) – Italy’s Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research) is set to post a 2.5 billion euro (£2.12 billion) loss as it books higher bad debt provisions and losses on derivatives trades targeted by a fraud investigation, a Reuters poll forecast.

According to the average estimate in the poll of eight analysts, the bank will report a second year of big losses when it releases results for 2012 on Thursday, following a 4.7 billion euro loss in 2011.

Mar 20, 2013

Carige plans asset sales to avoid big capital increase

MILAN, March 20 (Reuters) – Italian regional lender Banca
Carige wants to sell insurance businesses and property
to avoid having to raise money from shareholders to plug an 800
million euro ($1.03 billion) hole in its capital base.

The bank’s director general Ennio La Monica told analysts
proceeds from asset sales could provide most of the money.

Mar 15, 2013

UniCredit increases loan writedowns, sells Kazakh unit

MILAN, March 15 (Reuters) – UniCredit, Italy’s
largest bank by assets, set aside nearly 10 billion euros ($13
billion) to cover bad loans in 2012 and said the country’s
longest recession in 20 years would continue to hit earnings
this year.

The bank also announced that it is selling its Kazakh unit
ATF Bank and will review its business targets through
to 2015 in light of the “exceptionally difficult” economic
environment.

Mar 12, 2013

Intesa blames Hungary “nightmare” for fourth-quarter loss

MILAN, March 12 (Reuters) – Italy’s Intesa Sanpaolo
said it could cut its presence in Hungary after losses there
pushed it into the red in the last quarter, calling the eastern
European country a “nightmare” for the banking industry.

Italy’s biggest retail lender said its CIB unit, Hungary’s
fifth-biggest bank, made a net loss of 279 million euros ($363
million) in the fourth quarter of 2012, almost entirely because
of higher provisions to cover bad debts.

Mar 11, 2013

Nomura to take Monte Paschi dispute to London-source

MILAN, March 11 (Reuters) – Japanese bank Nomura is
seeking to establish British jurisdiction for its dispute with
Monte dei Paschi di Siena over risky derivatives
trades, a source close to the matter said on Monday.

Nomura began proceedings in one of Britain’s top court on
March 1, the source said, speaking on condition of anonymity. On
the same day Italy’s scandal-hit Monte dei Paschi filed a
damages claim in a Florence court against Nomura, as well as
Deutsche Bank and two former executives of Monte dei
Paschi.