Unicredit chief says bank plans to double its presence in China September 6, 2011 ITALY’S biggest bank Unicredit plans to double its presence in China to secure growth in the market, its general manager said yesterday. Roberto Nicastro said Unicredit will open new branches in Beijing, mid-west cities such as Chongqing and Chengdu, as well as along the coast to gain a greater foothold in Asia’s biggest economy. “The [...]
European banks face next big hurdle January 4, 2012 THIS is the deal of all deals, one of the many bankers working on the £6.2bn cash call at Italy’s largest bank UniCredit said to me yesterday. As far as those in the capital markets are concerned, the new year festivities are well and truly over. The forthcoming blockbuster fund-raising exercise for UniCredit provides the [...]
Greek nerves dent markets March 6, 2012 PRE-BAILOUT nerves set global markets tumbling yesterday, as investors fretted about the prospect of Greece’s looming bond swap failing as well as the broader health of the Eurozone’s economy. The FTSE 100 lost 1.9 per cent to close at 5,765.80 points yesterday, suffering its biggest one-day fall in nearly three months, while Paris’s CAC 40 [...]
Greek nerves dent markets March 6, 2012 PRE-BAILOUT nerves set global markets tumbling yesterday, as investors fretted about the prospect of Greece’s looming bond swap failing as well as the broader health of the Eurozone’s economy. The FTSE 100 lost 1.9 per cent to close at 5,765.80 points yesterday, suffering its biggest one-day fall in nearly three months, while Paris’s CAC 40 [...]
BofA names investment banking chief January 30, 2012 BANK of America Merrill Lynch has appointed the Austrian-born former Lehman Brothers banker Christian Meissner to head up its investment banking operations. Bank of America, which has gradually taken Merrill Lynch forwards after a rocky start for the merged operation, will be hoping that Meissner can at least consolidate on recent gains. Since joining from [...]
Euro woes return with a vengeance January 5, 2012 EUROPEAN banks were caught in a wave of new anxiety yesterday as doubts over capital-raising plans and Hungary’s solvency caused investors to drop stock in the continent’s major lenders. Shares in UniCredit, Italy’s biggest bank, dropped 17.3 per cent to their lowest level since 1985 as markets fret over its heavily discounted rights issue, which [...]
CHANGING OF THE GUARD AT BANK OF AMERICA MERRILL LYNCH March 22, 2012 ANDREA ORCEL Andrea Orcel’s departure will leave a big gap at Bank of America Merrill Lynch. In a world where contacts and relationships matter so much, the suave late 40s banker had it all. His contacts include Santander, Danske Bank, Unicredit (where he helped BoAML take a lead role in the rights issue earlier this [...]
CHANGING OF THE GUARD AT BANK OF AMERICA MERRILL LYNCH March 22, 2012 ANDREA ORCEL Andrea Orcel’s departure will leave a big gap at Bank of America Merrill Lynch. In a world where contacts and relationships matter so much, the suave late 40s banker had it all. His contacts include Santander, Danske Bank, Unicredit (where he helped BoAML take a lead role in the rights issue earlier this [...]
Italian banks rely on ECB for over €51bn in long-term funds January 19, 2012 ITALIAN banks were forced to plug a funding gap of at least €51.4bn (£42.9bn) in December by taking out three-year loans from the European Central Bank (ECB). The revelation comes from calculations by Morgan Stanley analysts, who compiled data about which European lenders made use of the unprecedented offering of long-term cash by the Eurozone’s [...]
ECB pumps new funds into banks February 29, 2012 Banks grabbed 530bn euros at the European Central Bank’s second offering of cheap three-year funds, fuelling hopes that more credit will flow to businesses and government borrowing costs will ease further. A total of 800 banks borrowed money at the tender, with demand exceeding the 500bn euros expected by traders polled by Reuters and well [...]