Alpha Bank joins cash call run October 19, 2009 Alpha Bank, Greece’s third largest lender, will issue new shares and repay almost €1bn (£914m) of state support in a move to cut ties with government and resume paying dividends. A three-for-10 rights issue will raise €986m to redeem €940m of preferred shares the bank sold the government earlier this year. The deal is expected [...]
Unicredit hit but still bullish on East Europe May 13, 2009 ITALY’S UniCredit, the biggest lender in central and eastern Europe, is more upbeat about the recession-hit region as asset deterioration there slows, the bank said yesterday. Its optimism came in spite of a dramatic drop in first quarter pre-tax profit which fell 58 per cent to €447m on lower fees. And sales were also down [...]
Commerzbank brings in bonus clawback option November 10, 2009 GERMANY’S Commerzbank will introduce a clawback option to its bonus system next year as the banking industry aims to stop the short-term risk-taking that helped bring about the financial crisis. The bank, 25 per cent owned by the German state after an €18bn (£16.1bn) bailout, is responding to public outrage over the eye-popping payouts made [...]
Heidelberg to issue bond to cut bank debt October 12, 2009 HeidelbergCement plans to issue more than €1bn (£937m) in bonds, tapping the resurging junk-bond market to reduce its reliance on banks. The world’s fourth-largest cement maker will issue a five-year bond and a seven-year bond, each worth more than €500m, to repay parts of syndicated bank loans, the company said yesterday. While the move was [...]
BarCap poaches Rothschild’s Marsaglia amid growth drive September 7, 2009 BARCLAYS Capital has taken its plans to become a global investment-banking player up a gear by naming Stefano Marsaglia, the respected Rothschild banker, as chairman of its financial institutions group (FIG). In the latest in a series of high-profile hires Barclays has snapped up the Italian heavyweight, who has spent the last 17 years at [...]
BarCap poaches Rothschild’s Marsaglia amid growth drive September 7, 2009 BARCLAYS Capital has taken its plans to become a global investment-banking player up a gear by naming Stefano Marsaglia, the respected Rothschild banker, as chairman of its financial institutions group (FIG). In the latest in a series of high-profile hires Barclays has snapped up the Italian heavyweight, who has spent the last 17 years at [...]
CITY MOVES WHO’S SWITCHING JOBS September 29, 2009 AvivaThe insurer has appointed Andrea Moneta, chief executive of its European business, to its PLC board with immediate effect. Moneta joined the firm in July 2008 to lead its European operations outside the UK. Prior to that, he was managing director of Dubai Financial Group and has also held senior executive positions with the European [...]
BNP Paribas plans 4.3bn rights issue September 29, 2009 FRENCH banking giant BNP Paribas is to raise €4.3bn (£4.1bn) as it joins the global rush by lenders to pay back state bailout money. The bank said the underwritten issue, at a discounted €40 per share, would help it repay €5.1bn in non-voting shares taken by the French government at the end of March, as [...]
European stocks near 11-month high September 7, 2009 EUROPEAN shares closed higher yesterday, led by UKchocolate giant Cadbury which soared 38 per cent following a £10.2bn bid approach from US company Kraft Foods. The pan-European FTSEurofirst 300 index of top shares rose 1.4 per cent to 975.90 points, just 0.3 per cent away from an 11-month closing high. The European benchmark index has [...]
CITY MOVES WHO’S SWITCHING JOBS September 6, 2009 PricewaterhouseCoopersThe accountancy firm has appointed Marco Amitrano to lead its UK risk assurance business.Amitrano, 39, joined the firm in 1992, and worked first in Newcastle and then for three years in the Chicago office. Most recently, he has had responsibility for all of the firm’s audit and related services to the UK subsidiaries of global [...]