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PARIS/MILAN (Reuters) - France’s Credit Agricole made an offer to buy third-tier Italian lender Creval for 737 million euros ($875 million) on Monday, joining a wave of consolidation in the country’s banking sector. FILE PHOTO: A Credit Agricole sign is pictured on a building of the bank in Geneva November 26, 2014. Credit Agricole Italia will offer 10.50 euros per Creval share, a 21.4% premium on Friday’s closing price. Credit Agricole Italia had held preliminary talks with Banco BPM, Italy’s No.3 bank and a long-standing commercial partner, but they stalled, sources had said. “We were in an ambiguous situation, we had this long-term ‘bancassurance’ accord but it was difficult to pursue synergies,” Credit Agricole Italia CEO Giampiero Maioli told a press briefing.
Persons: Denis Balibouse France’s, Intesa, Giampiero Maioli, Maioli, “ We’ve, ” Maioli, , Amundi, don’t Organizations: PARIS, Agricole, REUTERS, Banco, Credit, Italia, Credit Agricole, Credit Agricole Italia, European Central Bank, Treasury, Mediobanca Securities, Creval, group’s, Agricole Assurance, Pioneer Investments Locations: MILAN, Geneva, Italy, Creval, dei, London, Cariparma, UniCredit
Slideshow ( 2 images )ROME/LONDON/MILAN (Reuters) - Italy has picked Bank of America and Orrick as financial and legal advisers to help the Treasury secure a merger deal for bailed-out bank Monte dei Paschi as part of its privatization plan, three sources close to the matter told Reuters. Rome aims to clinch a merger with a healthier peer in 2021, the sources said, to secure a long-term solution for the bank, which is dogged by legal risks and poor quality assets. Monte dei Paschi (MPS) has said its capital buffers are set to fall below minimum requirements early next year, hit by the cost of a bad loan clean-up it is about to complete as well as provisions against legal risks following the conviction of former top executives. Italy’s Treasury and Orrick were not immediately available for comment, while Bank of America declined to comment.
Persons: Orrick Organizations: of America, Treasury, Reuters, Monte, Italy’s Treasury, Bank of America Locations: ROME, MILAN, Italy, dei, Rome
FILE PHOTO: A man walks in front of the Monte dei Paschi bank in Siena, central Italy, January 29, 2016. Italy’s Treasury and Bank of America declined to comment, while Orrick was not immediately available. Rome is expected to pay about 150,000 euros in financial and legal fees, with the lion’s share going to Bank of America, the sources said. Rome has set aside 1.5 billion euros to shore up MPS but the bank faces a shortfall of at least 2 billion, sources have said. In the case of MPS, that entails a 3 billion euro earnings boost, sources have said.
Persons: Max Rossi, Giorgio Cocini, Patrizio Messina, Marco Nicolini, Orrick, Jean Pierre Mustier, Organizations: Treasury, of America, REUTERS, Bank, America’s, Bank of America, UBI Banca, MPS, Banco Locations: MILAN, dei, Siena, Italy, Tuscany, Rome
MILAN (Reuters) - BPER Banca's EMII.MI biggest shareholder on Friday threw its weight behind the idea of a merger with rival Banco BPM BAMI.MI to create one Italy's biggest banking groups. “Media say Banco BPM is studying options. BPER has said it will consider further M&A once it has integrated the new business, while Banco BPM is actively looking for a partner. Banco BPM had widened ongoing commercial discussions with Credit Agricole CAGR.PA to assess a potential merger but talks have stalled, sources have said. A merger deal between Banco BPM and BPER collapsed at the last minute in 2007 but a tie-up has since remained a possibility.
Persons: Carlo Cimbri, Il, ” Cimbri, Unipol, Intesa Sanpaolo's, Equita, Mediobanca, Intesa, BPER, Paschi, Cimbri, Organizations: MILAN, Banco, , Unipol, Banco BPM, Agricole CAGR.PA, Treasury, Monte dei, Monte Locations: Italy, UBI, Rome, Italian
Banco BPM CEO welcomes BPER's merger overtures
  + stars: | 2020-11-20 | by ( Andrea Mandala | Valentina Za | ) + 0.00   time to read: +3 min
Banco BPM CEO Giuseppe Castagna reaffirmed his bank's interest in exploring tie-ups in response to comments by Carlo Cimbri, head of BPER's biggest shareholder Unipol UNPI.MI, that the idea of a Banco BPM deal with BPER was "fascinating." Castagna said by email that Banco BPM would always consider tie-ups with a strong industrial rational and fit to boost value for shareholders. In the meantime, Banco BPM had widened ongoing commercial discussions with Credit Agricole CAGR.PA to assess a potential merger, but discussions have stalled, sources said. A merger deal between Banco BPM and BPER collapsed at the last minute in 2007 but a tie-up has since remained a possibility. “Banco BPM is a much better deal than Monte dei Paschi.
Persons: BPER EMII.MI, Giuseppe Castagna, Carlo Cimbri, Unipol, BPER, Cimbri, Il, Castagna, ” Castagna, UBI, Intesa Sanpaolo, , Equita, Mediobanca, Intesa, Paschi Organizations: MILAN, Banco, , Banco BPM, Unipol, Agricole CAGR.PA, Treasury, Monte dei, Monte Locations: , BPER, Italy, Rome, Italian
UniCredit suspends split plan after ECB bond buying relief
  + stars: | 2020-11-05 | by ( Valentina Za | ) + 0.00   time to read: +3 min
MILAN (Reuters) - UniCredit CRDI.MI has put plans to split its domestic and foreign operations on ice, saying heavy bond buying by the European Central Bank kept its sovereign risk profile in check. UniCredit reported a third-quarter net profit of 680 million euros ($798 million), above an average forecast of 334 million euros in a company-provided consensus, and higher core capital. Unlike Intesa, which on Wednesday also beat expectations with a strong third quarter, UniCredit saw income from lending decline despite funds borrowed by the ECB at negative rates, after customers used government-guaranteed funds to repay loans. Mustier said UniCredit, which slightly raised its target for cost cuts, would expand lending once the economy improved. UniCredit CRDI.MI shares were up 0.7% at 1148 GMT against a flat European sector .SX7P.
Persons: CRDI.MI, UniCredit, Jean Pierre Mustier, Mustier, , , Intesa Sanpaolo, UBI, Fees, UniCredit CRDI.MI Organizations: MILAN, European Central Bank, REUTERS, ECB, Intesa’s Locations: Milan, Italy, Germany, Austria, Europe, digitalisation, dei
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