Intesa Sanpaolo reveals it is examining Generali takeover January 24, 2017 Italian bank Intesa Sanpaolo has revealed it is considering a takeover bid for the country's largest insurance firm, Generali. Shares in Generali had previously jumped over eight per cent today after it was reported Intesa was preparing an offer for the €24bn (£21m) market cap firm in a deal that would be one of the sector’s largest takeovers. Intesa Sanpaolo [...]
Low interest rates knock Credit Agricole’s quarterly profits, but numbers beat expectations February 15, 2017 Credit Agricole became the latest European bank to report a slump in its profits this morning, as low interest rates continued to put pressure on its bottom line. The figures The French lender reported full-year net income of €3.5bn (£3bn), largely flat on the year before – although the fourth-quarter figure was €291m down 67 per cent from €882m. These [...]
Aberdeen Asset Management stems outflows after Brexit vote November 28, 2016 Aberdeen Asset Management jumped over four per cent despite revealing full-year double-digit percentage falls in revenue and profits. Net outflows from its funds totalled £33bn, in what the firm called a "tough" year. The figures Net revenue totalled £1.0bn, down from £1.2bn in the previous year. Underlying profit before tax fell by 28 per cent to £353m. While earnings [...]
Deutsche Bank, Uni Credit, Standard Chartered share prices drop: European bank shares are tanking February 3, 2016 Shares in leading banks tumbled throughout Europe today, with Deutsche Bank and Standard Chartered falling by 6.02 per cent and 4.29 per cent respectively. A sea of red engulfed the sector as fears spread of slowing economic growth and credit losses from energy companies hobbled by low oil prices. Brenda Kelly, head analyst at London Capital [...]
Everything you’ve ever wanted to know about the Italian referendum (but were too afraid to ask) November 29, 2016 It might be hard to believe but not even six months after the UK's markets were rocked by the unexpected decision to depart from the EU, there's another European referendum around the corner with potential to shake things up all over again. This Sunday, Italians will head to the polls to vote in their own [...]
Italian banks in renewed post-referendum scramble for cash December 11, 2016 Italian banks will renew their efforts to sort their ailing finances this week as they assess the fallout of the country's recent referendum. Unicredit, Italy's largest lender by assets, is widely expected to announce a rights issue for as much as €13bn (£10.9bn) when it hosts its capital markets day on Tuesday. The highly anticipated move [...]
Italy wants €20bn for bank bailouts as Monte dei Paschi struggles December 20, 2016 The Italian government is seeking parliamentary approval to borrow €20bn (£16.8bn) in order to prop up the country's struggling banks. The first institution in line for a bailout is likely to be the beleaguered Monte dei Paschi, which must get rid of a book of bad loans and raise €5bn in capital by the end [...]
Shares slide as Moody’s downgrades its outlook on Italian banks December 14, 2016 An index of Italian banking stocks recovered slightly following a slide in early trading, after one of the world's largest ratings agencies downgraded its outlook on the country's largest lenders. The FTSE Italia All-Share Banks index fell as much as 1.5 per cent in early trading, before just managing to turn positive later in the morning, after [...]
Plan B for Italian banks is like Fight Club: You don’t talk about it (except in Italy) December 8, 2016 Back in 2010, as the Greek crisis began, I was up in the mountains of Davos interviewing Joaquin Almunia, the then EU economics commissioner. Eight times I asked him: does the EU have a Plan B if Greece’s banks fail? After fudging an answer on the first four attempts, saying Plan A was surely going [...]
Italian banks now likely to get hybrid solution, as EU rules still stand in the way of original plan July 17, 2016 Italy's embattled banks are likely to benefit from a hybrid solution rather than a full-blown government bailout, it has been suggested. It was widely understood the Italian government had been in discussion with the EU regarding plans to inject €40bn (£33.5bn) into the country's banking industry, which is currently struggling with hundred of billions of euros of [...]