Unicredit to finalise terms with Amundi over €3.5bn deal to buy Pioneer December 5, 2016 French asset manager Amundi moved one step closer in its pursuit of Pioneer after entering into exclusive negotiations with its Italian parent Unicredit. The Italian lender is selling a number of its assets as part of a turnaround plan set to be unveiled on 13 December by new chief exec Jean-Pierre Mustier. Read more: UK asset manager pulls [...]
Deutsche Bank: John Cryan finds it tough at the top of Germany’s totemic lender | City A.M. March 28, 2018 How do you recruit for the banking world’s hardest job? Deutsche Bank chair Paul Achleitner is probably wishing he had gone about it somewhat differently, after news of informal approaches, not denied by the bank, leaked. The role he wants to fill, chief executive, has proven problematic for the best part of five years, with [...]
Chinese banks march up rankings of world’s most important banks as Citi and BNP Paribas drop November 21, 2017 Chinese banks have jumped up international regulators’ rankings of the banks which are most crucial to the global financial system as Citigroup and BNP Paribas fell down the list. Both Bank of China and China Construction Bank rose into the second “bucket” on a list of the global systemically important banks published today by the [...]
Trading in Unicredit shares suspended as investors digest bank stress tests August 1, 2016 Shares in Italian bank Unicredit were suspended from trading this morning as the lender plunged by eight per cent following the publication of stress test results on Friday evening. Its counterpart Monte dei Paschi, which came bottom of the results but managed to secure new terms on a potential bailout, climbed four per cent in the [...]
UniCredit CEO Federico Ghizzoni resigns amid shake-up of Italy’s biggest bank May 24, 2016 UniCredit chief executive Federico Ghizzoni resigned today after admitting the bank needs a new boss. Ghizzoni, who became CEO in 2010, came under pressure to resign after facing fierce shareholder discontent over the bank's falling share price and low profitability. Last week, shareholders accounting for 15 per cent of the bank approached the bank's chairman Giuseppe Vita to take measures to replace [...]
Italy needs banking reform to continue “weak” recovery says OECD February 15, 2017 Italy must reform its banking system if it is to continue on a “weak” path to recovery, according to the Organisation for Economic Co-operation and Development (OECD). The country should be prepared to force holders of Italian bank debt to lose money rather than using public funds to bail them out, according to a report [...]
Italian parliament signs off on €20bn bank bailout fund, as country’s lenders creak under billions of euros of non-performing loans February 16, 2017 Italy's parliament has today given the thumbs up to the law which will create a €20bn (£17bn) bailout fund for the country's troubled banks. Parliament gave a decree for the bailout fund, which was issued by relatively new Prime Minister Paolo Gentiloni, the green light last December. Now, Bloomberg has reported the parliament's lower house has given final [...]
Deutsche Bank kicks off its €8bn rights issue on Tuesday as German lender attempts to bolster its capital March 19, 2017 Deutsche Bank announced today it is due to press go on its €8bn (£6.9bn) rights issue on Tuesday, as the German banking giant tries to shore up its capital. The Frankfurt-headquartered lender announced a slew of plans to improve its capital position earlier this month, including, in addition to the rights issue, holding onto its Postbank division, streamlining [...]
ABN Amro profits leap in fourth quarter, beating analysts’ expectations February 15, 2017 ABN Amro beat expectations today by reporting its fourth quarter profits grew by more than a fifth. The figures The Dutch lender reported profits of €1.8bn (£1.5bn) for its 2016 full year, down six per cent on €1.9bn the year before. However, profits for the fourth quarter alone sprung up to €333m, an increase of 23 per cent [...]
Commerzbank profits tumble for 2016 as restructuring costs stack up February 9, 2017 Commerzbank announced today that 2016 had taken a nasty chunk out of its bottom line, as restructuring costs and low interest rates took their toll. The figures The German bank revealed net profits attributable to shareholders for its full year of €279m (£237.6m), down 74.3 per cent from €1.1bn the year before. Profits for the fourth quarter [...]