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☆ Nexi shares fail to open on bid report as CVC declines to comment
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

Bloomberg reported on Tuesday that CVC was in the early stages of considering a possible bid for Nexi, Europe's largest payments company by volume of transactions. Nexi shares have lost 22% this year, adding to a 47% drop in 2022 and stoking speculation about potential takeover interest. By 0730 shares in Nexi were indicated up 16.7% at 6.72 euros a share, not far from a record low of 5.25 euros a share hit earlier this month. The presence of shareholder funds which will eventually need to liquidate their investment and the depressed share price have fuelled persistent speculation about Nexi's future. The government has powers to block any unwanted interest over a company such as Nexi, considered of strategic national interest.

Persons: Alessandro Garofalo, Friedman, Bain, Elisa Anzolin, Giancarlo Navach, Valentina Za, Cristina Carlevaro, Gavin Jones Organizations: REUTERS, CVC Capital Partners, Bloomberg, Nexi, Nets, Thomson Locations: Milan, Italy, Nexi

Research shows women in richer economies are more likely to have children if they work. Prime Minister Giorgia Meloni - Italy's first female premier - has said women are "an untapped resource" that lessens the need for immigrant labour. Yet her conservative government's 2024 budget, to be presented on Monday, is not expected to include measures to drive change. According to a government report relating to 2021, nearly one in five Italian women aged under 50 left their job after having their first child. SPANISH SUCCESSMeloni's government could learn from Spain, whose female activity rate lagged Italy's in the early 1990s but is now above the EU average.

Persons: Guzzo, Vittoria, Claudia Greco, Elena, Claudia Goldin, Giorgia Meloni, Claudia Olivetti, Enza Guzzo, Gian Carlo Blangiardo, Blangiardo, Giancarlo Giorgetti, Olivetti, Paola Profeta, Katharine Neiss, Valentina Za, Elisa Anzolin, Giuseppe Fonte, Catherine Evans Organizations: REUTERS, European Union, Reuters, Research, Dartmouth College, ISTAT, Bank of, EU, France's, Milan's Bocconi University, AXA Research, Treasury, Thomson Locations: Arese, Italy, MILAN, Bank of Italy, Rome, Barcelona, Spain, Milan

☆ Top Italy court confirms acquittals in Monte dei Paschi derivatives case
▼ + stars: | 2023-10-11 | by ( Marco Carta | ) www.reuters.com time to read: +2 min

View of the entrance to the headquarters of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned corporate merger, in Siena, Italy, August 11, 2021. Among the 15 defendants cleared by Italy's Supreme Court of Cassation were former MPS Chairman Giuseppe Mussari and its former Managing Director Antonio Vigni and Deutsche (DBKGn.DE) and Nomura (8604.T). The appeals court cancelled seizures imposed on Deutsche Bank and Nomura Holdings Inc (8604.T) for 64.9 million and 88 million euros, respectively. The case centred on two derivatives transactions — dubbed Alexandria and Santorini — that Nomura and Deutsche Bank arranged for MPS in 2009. MPS, the world's oldest bank still in business and Italy's fifth biggest listed lender, had reached a court settlement in 2016 in the derivatives case at a cost of 10.6 million euros.

Persons: Jennifer Lorenzini, Siena, Giuseppe Mussari, Antonio Vigni, Nomura, Marco Carta, Keith Weir, Valentina Za Organizations: Monte, REUTERS, Rights, Monte dei, Deutsche Bank, Nomura, Italy's, Cassation, Deutsche, Nomura Holdings Inc, MPS, Prosecutors, Thomson Locations: Monte dei, Siena, Italy, Milan, Alexandria

The government last week revisited a 40% tax on banks' net interest margin (NIM) that it had introduced in a shock move in August. Lenders now have the option to boost reserves by an amount equivalent to 2.5 times the tax. Economy Minister Giancarlo Giorgetti said on Sept. 27 the final outcome of the process would be "a great bank policy measure" that makes Italy's banks the strongest in Europe. The law requires banks that forego the tax to set aside money under ad hoc reserves in their accounts. If forced to boost capital through the ad hoc reserves, banks can use larger buybacks over time to compensate shareholders, one of the sources said.

Persons: Giancarlo Giorgetti, Remo Casilli, Banks, Luigi Lovaglio, Andrea Orcel, Giorgia Meloni, Giorgetti, Bernadette Baum Organizations: REUTERS, Treasury, Economy, European Central Bank, Monte, Thomson Locations: Rome, Italy, ROME, Europe, Monte dei, Siena

☆ Soccer AC Milan take first step in new arena project
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

The AC Milan logo is pictured on a pennant in a soccer store in downtown Milan, Italy April 29, 2015. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILAN, Sept 27 (Reuters) - AC Milan are starting a process to build a new stadium on the outskirts of Milan, the Italian soccer club said on Wednesday, after efforts to replace their historic San Siro arena led nowhere. "It's a first step," AC Milan chairman Paolo Scaroni said at a press briefing presenting the project. Like other Italian clubs, AC Milan, who are controlled by U.S. fund RedBird, do not own an arena, which is seen as a key driver to boost revenue. The club and local rival Inter Milan have been in talks for years with the city of Milan to advance a joint project to rebuild San Siro, which was built in the 1920s and is currently the home ground of both teams.

Persons: Stefano Rellandini, Milan, Paolo Scaroni, Elvira Pollina, Valentina Za, Ed Osmond Organizations: REUTERS, Milan, AC Milan, U.S, Inter Milan, Thomson Locations: Milan, Italy, Italian, San Siro, San Donato

The Treasury will issue new economic targets on Wednesday providing the framework for a budget in which Meloni will attempt to keep her tax-cutting promises while also lowering the fiscal deficit. "This budget is Meloni's first real economic test since she came to power last October," said Tim Jones, euro zone analyst for market consultancy firm Medley Advisors. Meloni has much less room for manoeuvre than when she hiked deficit targets in her first budget a year ago. Episodes targeting airlines and investors in Italy's 307- billion-euro ($326.74 billion) bad loan market have followed a similar pattern. Meloni subsequently said no measures were planned regarding non-performing loans, but her party's proposal is still before parliament and uncertainty persists.

Persons: Giorgia Meloni, Meloni, Tim Jones, she's, Morgan Stanley, Reuters.G Rome, Roberto Perotti, Meloni's, Valentina Za, Francesco Canepa, Giuseppe Fonte, Sara Rossi, Gianluca Semeraro, Ed Osmond, Giselda Organizations: Treasury, Advisors, European Central Bank, Reuters, Ryanair, Milan's, Bank of, ECB, Thomson Locations: ROME, Italy, Greece, Rome, Italian, Italy's, Brussels, EU, Milan

☆ UniCredit picks headhunters to advise board on own slate of nominees
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: 1 min

The UniCredit bank logo in the old city centre of Siena, Italy, June 29, 2017. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILANO, Sept 26 (Reuters) - UniCredit (CRDI.MI) said on Tuesday it had mandated Egon Zehnder and Spencer Stuart as headhunters to support the board in identifying candidates to be included in the slate of nominees current directors will put forward to appoint their successors. The current board is up for renewal next spring. In June UniCredit Chief Executive Andrea Orcel said he would be "definitely up for more," when asked about whether he would seek a new mandate at the helm of the Italian bank. Reporting by Gianluca Semeraro; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefano Rellandini, Egon Zehnder, Spencer Stuart, Andrea Orcel, Gianluca Semeraro, Valentina Za Organizations: REUTERS, UniCredit, Thomson Locations: Siena, Italy, Italian

Cinven this month signed an accord with GIC, Singapore's sovereign fund, and another two investors to purchase from them 140 million euros of Tier2 Eurovita bonds, the source added. Cinven, which acquired Eurovita in 2017, also launched a tender offer to buy back another 20 million euros of bonds from investors including Italian financial institutions, so that only around 9 million remain outstanding, the source said. Italian insurance authorities placed Eurovita under special administration this year, the first time they have taken such a step, after rising rates blew a hole in the life insurer's cash reserves. Instead, Cinven was asked to carry out the debt buyback and cancel the bonds to support a solvent liquidation, one of the people added. Like other life insurers, especially those relying on banks to sell products, Eurovita was hit by early redemptions once rates started rising and savers sought better returns.

Persons: Matthew Childs, Cinven, Eurovita, Assicurazioni, Valentina Za, Emilio Parodi, Josie Kao Organizations: REUTERS, Reuters, GIC, Germany's Allianz, Allianz, Thomson Locations: London, Britain, Cinven

☆ Larger Italian banks still seen paying one-off tax despite opt-out offer
▼ + stars: | 2023-09-25 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

The government sparked a market rout last month with the surprise announcement of a 40% tax on the profits banks are reaping from rising interest rates. The option would benefit banks that hold a higher proportion of Italian government bonds among their assets relative to loans. Banca Akros and broker Equita also expect most banks to pay the tax. Equita also said paying the levy would allow lenders to maintain more flexibility over their remuneration policy. Switching the tax basis to risk-weighted assets helps banks which have a lower 'risk density', meaning the average risk weight per unit of exposure.

Persons: Jennifer Lorenzini, Equita, Akros, Siena, Valentina Za, Kirsten Donovan Organizations: REUTERS, Generale, Banca Akros, ICCREA, Bank, Banca Generali, Thomson Locations: Monte dei, Siena, Italy, Italy's

ROME, Sept 23 (Reuters) - Italy plans to revisit its contested windfall tax on banks by giving lenders the option to boost their reserve buffers instead of paying the levy, a draft amendment seen by Reuters showed on Saturday. Bank shares tumbled before the economy ministry clarified that it would not collect more than 0.1% of lenders' total assets. More importantly, instead of paying the tax, banks can boost their non-distributable reserves by earmarking an amount equivalent to two and a half times the levy. Such an option is expected to exempt cooperative banks from the tax, as they usually put aside a large part of their profits as reserves. In the current version, the tax would apply if NIM grows by 5% in 2022 and 10% in 2023 from 2021 levels.

Persons: Giorgia Meloni, NIM, Jan Harvey Organizations: Reuters, European Central Bank, Bank, Treasury, Thomson Locations: Italy, Rome, Frankfurt

☆ Italy has no buyers for Monte dei Paschi, eyes small share sales instead of exit, sources say
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

General view of a branch of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned business merger, in Siena, Italy, August 11 2021. Reuters was first in May to report the Treasury was open to selling down its Monte dei Paschi (MPS) stake on the market if conditions were right. Though the Treasury is considering cutting its stake with share placements, it would retain majority ownership, one of the sources said. Bankers said the capital raise has made any deal more expensive for any buyer, complicating the prospect for a merger. Reporting by Giuseppe Fonte in Roma and Valentina Za in Milan; editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Lorenzini, Rome, Luigi Lovaglio, Lovaglio, Giuseppe Fonte, Valentina Za, Alvise Organizations: REUTERS, European, Reuters, Treasury, EU, MPS, Banco, Bankers, Thomson Locations: Monte dei, Siena, Italy, Roma, Milan

☆ Fendi kicks off Milan's womenswear week with Roman ease
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

MILAN, Sept 20 (Reuters) - Milan kicked off its catwalk calendar on Wednesday, with Italian luxury label Fendi exploring the "ease of dressing with a certain Roman freeedom" at its womenswear fashion show. Milan Fashion Week follows New York and London events in which designers have been presenting their creations for spring/summer 2024. A patchwork of fabrics recreated Fendi's F logo on coats and dresses through "a playful and abstract exploration" of the symbol Karl Lagerfeld created in 1966, a year after joining the Roman brand as creative director. Milan Fashion Week includes 62 physical fashion shows of spring summer collections. Milan fashion week will mark the debut of Sabato De Sarno as creative director of Gucci, Peter Hawkings as creative director of Tom Ford, and Simone Bellotti as creative director of Bally.

Persons: Kim Jones, mohair, Karl Lagerfeld, Fendi, Jones, Giorgio Armani, Prada, Versace, Sabato De Sarno, Gucci, Peter Hawkings, Tom Ford, Simone Bellotti, Elisa Anzolin, Valentina Za Organizations: Milan, New, Bally, Thomson Locations: New York, London, Fendi, Rome, Milan

☆ Italy poised to shake up Treasury with new unit for state-run firms
▼ + stars: | 2023-09-14 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The audit court on Thursday approved the decree needed to set up the unit, the sources said, despite making critical observations about some aspects of it. Giorgetti has approached former banker Marcello Sala, currently director for investor relations at the Treasury, to lead the department, they added. Under the reorganisation plan, the influential Treasury department within the ministry led by veteran economist Riccardo Barbieri would be split into two units. The Treasury will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. ($1 = 0.9323 euros)Additional reporting by Valentina Za in Milan Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Sala, Giancarlo Giorgetti, Giorgetti, Marcello Sala, Antonino Turicchi, Dario Scannapieco, Riccardo Barbieri, Valentina Za, Christina Fincher Organizations: Treasury, Economy, ITA Airways, Department, Thomson Locations: ROME, Italy, Siena, Milan

☆ Italy's new bank tax should count as cost, ABI banking lobby
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

MILAN, Sept 12 (Reuters) - Italian banks should be able to deduct from their overall tax bill the one-off tax on income deriving from higher interest rates which the government plans to introduce, industry lobby ABI said on Tuesday. In comments prepared for a parliamentary hearing, ABI also said that the impact of lenders' government bond holdings on their income and capital should also be excluded from the tax. ABI warned the tax risked violating principles set by Italy's constitutional law. It added the sector faced challenges such as a rising cost of funding and a possible increase in unpaid loans driven by the higher rates. Reporting by Valentina Za and Giuseppe Fonte; editign Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

Persons: Valentina Za, Giuseppe Fonte, editign Federico Maccioni Organizations: ABI, Thomson

AMSTERDAM, Aug 17 (Reuters) - Investment company Exor (EXOR.AS) was able to build a 15% stake in Dutch healthcare group Philips (PHG.AS) without triggering the usual disclosures thanks to derivatives deals through Goldman Sachs, regulatory filings show. Exor's investment was seen as a vote of confidence in Philips and boosted the Dutch company's shares. Filings by the Dutch Financial Market Authority AFM dated Aug. 14 but published late on Wednesday showed Goldman Sachs had taken an 12.11% stake in Philips using a derivatives structure that included 95 million call options. Sources confirmed to Reuters earlier this week that Goldman Sachs acted on behalf of Exor but could not give more details. Exor and Goldman Sachs (GS.N) declined to comment.

Persons: Goldman Sachs, Italy's Agnelli, Roy Jakobs, Exor, Allen, Overy, De Brauw, Philips, Toby Sterling, Pablo Mayo Cerqueiro, Andres Gonzalez, Valentina Za, Victoria Farr, Jane Merriman Organizations: Investment, Philips, Dutch, US Securities and Exchange, Reuters, Overy, Thomson Locations: Philips, Dutch

☆ Agnelli family's Exor buys $2.8 bln stake in Philips
▼ + stars: | 2023-08-14 | by ( Tosterling Bart H. Meijer | Bart H. Meijer | ) www.reuters.com time to read: +3 min

[1/2] Philips Healthcare headquarters is seen in Best, Netherlands August 30, 2018. The group combines two of the three sectors Exor targets in its investment strategy: healthcare and technology. While not an activist investor, Exor aims to play an active role in supporting Philips' strategy, the source said. "Exor's substantial investment underlines their confidence in Philips' transformation into a healthcare technology company and its growth and value potential," Philips Chairman Feike Sijbesma said in a statement. Philips last month reported core profit of 453 million euros and slightly upgraded financial targets for the full year.

Persons: de, Exor, Italy's Agnelli, Philips, Feike Sijbesma, John Elkann, Lifenet, Louboutin, Roy Jakobs, Valentina Za, Kim Coghill, David Goodman, Susan Fenton Organizations: Philips Healthcare, REUTERS, Philips, Philips AMSTERDAM, Exor, Institut, Ferrari, Italian soccer, Juventus, ING, U.S . Department of Justice, Thomson Locations: , Netherlands, Exor, Louboutin . New York, Italian, Milan

☆ Italy PM Meloni takes 'full responsibility' for bank tax
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jonathan Ernst/File PhotoMILAN, Aug 14 (Reuters) - Italian Prime Minister Giorgia Meloni on Monday took "full responsibility" for last week's shock decision to impose a one-off bank tax that has been blamed for causing lasting damage to her government's credibility with financial markets. In comments to Italian newspapers Corriere della Sera, la Repubblica and La Stampa, Meloni said the 40% levy had no punitive intent. The new tax targets a rise in profits banks have derived from higher rates. Sources told Reuters when the measure was announced the Treasury expected to draw less than 3 billion euros ($3.3 billion) from the tax. With Economy Minister Giancarlo Giorgetti noticeably absent from the press conference to announce the tax, Meloni said he had been informed about the decision.

Persons: Giorgia Meloni, Joe Biden, Jonathan Ernst, MILAN, Meloni, Giancarlo Giorgetti, France's Marie Le Pen, Claudia Cristoferi, Federico Maccioni, Valentina Za, Bernadette Baum Organizations: Italy's, U.S, White, REUTERS, Italian, della, Repubblica, la Repubblica, Reuters, Treasury, Forza Italian, Thomson Locations: Washington , U.S, La, la

☆ Pope Francis denounces 'pain and shame' of Mediterranean migrant deaths
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

[1/4] Pope Francis leads the Angelus prayer from his window at the Vatican, August 13, 2023. Vatican Media/Handout via REUTERSMILAN, Aug 13 (Reuters) - Pope Francis on Sunday urged politicians to address the "open wound" of migrant deaths in the Mediterranean, saying he had been praying for the 41 people who died in a shipwreck earlier this month. More than 22,000 people have died or gone missing in its waters since 2014, according to the International Organization for Migration. Port officials on the Italian island of Sicily recovered one body on Sunday after a boat carrying 13 migrants capsized on Saturday night off the nearby island of Marettimo, ANSA news agency reported. The pope also called for prayers for Ukraine and for the victims of the wildfires in Maui in Hawaii.

Persons: Pope Francis, Francis, Valentina Za, Frances Kerry Organizations: Vatican, Handout, REUTERS, Sunday, International Organization for Migration, Thomson Locations: REUTERS MILAN, Europe, Sicily, Marettimo, France, Britain, Ukraine, Maui, Hawaii

LONDON, Aug 11 (Reuters) - U.S. hedge fund Davidson Kempner Capital Management (DK) said on Friday it had agreed to sell Prelios to fintech firm ION Group, in a long-awaited deal which two sources said valued the Italian credit manager at 1.35 billion euros ($1.5 billion). DK, which did not disclose the sale price, had been looking for a buyer for years, and held discussions for several months with ION. Dublin-based ION Group was in turn in talks with banks for months to secure funding for the deal. Founded by former Salomon Brothers trader Andrea Pignataro, ION Group provides services of trading, analytics, treasury and risk management for capital and commodity markets. In 2021 in Italy alone, ION bought banking software provider Cedacri for $1.8 billion and acquired Cerved in a deal that valued the credit data and management group at nearly 2 billion euros.

Persons: Salomon, Andrea Pignataro, UniCredit, Intesa, DK, Lazard, Prelios, Mediobanca, Goldman Sachs, Morgan Stanley, Riccardo Serrini, Valentina Za, Pablo Mayo, David Goodman, Susan Fenton Organizations: Davidson, Capital Management, ION Group, ION ., ION, Reuters, BNP, Banco, Standard Chartered Bank, Mediobanca, UBS, X3, DK, Thomson Locations: ION . Dublin, Italy

☆ Exclusive: Intesa closer to gaining Moscow's OK for Russia asset transfer -source
▼ + stars: | 2023-08-10 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. A spokesperson for Intesa Sanpaolo declined to comment. Pressured by European banking supervisors to cut ties with Russia, Intesa has been working on reducing its exposure, which also includes cross-border loans. Local loans totalled 100 million euros, down 66% from a year before. Russian media has previously reported on possible exit options, including the potential transfer to local management led by Intesa Russia Chairman Antonio Fallico.

Persons: Stefano Rellandini, MILAN, Intesa, Intesa Sanpaolo, Vladimir Putin, Antonio Fallico, Fallico, Valentina Za, Bernadette Baum Organizations: REUTERS, Reuters, UniCredit, Raiffeisen Bank, Intesa, European Central Bank, Thomson Locations: Milan, Italy, Moscow, Ukraine, Russia, Intesa, Russian

☆ Italy sets 0.1% cap for new bank tax after market rout
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Intesa Sanpaolo bank logo and decreasing stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/IllustrationROME, Aug 9 (Reuters) - Italy has set a cap at 0.1% of total bank assets for the new tax targeting profits lenders reaped from higher rates, after the surprise announcement of the new levy sparked a market sell-off on Tuesday. Italian banks closed down 7.6%, with sector leader Intesa Sanpaolo (ISP.MI) losing 8.6% and mid-sized BPER (EMII.MI) down 10.9%. In a bid to reassure markets, the Treasury late on Tuesday said the proceeds from the tax would not amount to more than 0.1% of lenders' total assets. As the European Central Bank raised official rates, banks have been hiking the cost of loans while holding off on rewarding depositors more for their cash.

Persons: Dado Ruvic, Intesa Sanpaolo, Giorgia Meloni, Alvise Armellini, Valentina Za, Stephen Coates Organizations: REUTERS, Treasury, Tuesday Citi, European Central Bank, Thomson Locations: Italy, Spain, Hungary, Rome

☆ Italy, KKR discussing terms of state investment into fixed line grid - sources
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The preliminary agreement could be signed as early as this week, one of the sources said, adding that discussions were still ongoing. The Treasury could join KKR in its preliminary 23 billion euro ($25 billion) bid for TIM's grid and secure a government stake in the venture that will own the network, alongside other potential state-backed investors, the sources said. Debt-laden TIM has granted KKR an exclusivity period until the end of September to negotiate a binding bid for Netco, a venture comprising both TIM's fixed domestic access grid and submarine cable unit Sparkle. ($1 = 0.9127 euros)Reporting by Elvira Pollina and Giuseppe Fonte; writing by Valentina Za; Editing by Alvise ArmelliniOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Elvira Pollina, Giuseppe Fonte, Valentina Za, Alvise Organizations: Telecom Italia, REUTERS, Treasury, KKR, Telecom Italia's, TIM, Netco, Thomson Locations: MILAN

☆ Italy's MPS sees 2023 profit above 1 billion euros after tenfold rise
▼ + stars: | 2023-08-04 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

FILE PHOTO-The logo of Monte dei Paschi di Siena bank is seen in a bank entrance in Rome, Italy August 16, 2018. Like peers, Monte dei Paschi (MPS) reaped the benefits of higher rates which have allowed banks to charge more for loans while what they pay out on deposits lags. To fund the voluntary staff exits by sending people into early retirement, Lovaglio oversaw a 2.5 billion euro ($2.7 billion) capital raise in tough markets last November. Shares in MPS traded 3.5% higher by late morning at 2.568 euros each. Core revenues jumped 10% on a quarterly basis to 941 million euros, leapfrogging expectations, with net interest income nearly doubling from last year and up 15% from the first quarter.

Persons: Max Rossi, Siena, Monte, Luigi Lovaglio, Lovaglio, Andrea Orcel, Valentina Za, Alvise Armellini, Keith Weir Organizations: REUTERS, STATE, MPS, Bankers, Thomson Locations: dei, Siena, Rome, Italy, MILAN

☆ NB Renaissance invests in app developer Bending Spoons, eyes IPO
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

MILAN, Aug 3 (Reuters) - NB Renaissance has invested in Milan-based mobile app developer Bending Spoons to help the company expand in a fast-growing market, including through merger and acquisition deals, the private equity firm said on Thursday. Bending Spoons is one of the world's top app providers with 500 million downloads and 100 million active users a month. "In securing the deal, NB Renaissance leveraged its strong relationship with Bending Spoons' founding team," it said, adding they had first worked together in 2019 on a potential U.S. acquisition deal. NB Renaissance did not disclose the size of the investment, saying only it had taken a minority stake, with NBR's senior partner Stefano Bontempelli appointed as member of the board. NB Renaissance is part of Neuberger Berman, a private, independent and employee-owned investment manager with $443 billion of assets under management.

Persons: NBR's, Stefano Bontempelli, Cherry, Neuberger Berman, Valentina Za, Kirsten Donovan Organizations: MILAN, Cherry, Cherry Bay Capital Group, Banco, Engineering, Thomson Locations: Milan, Cherry Bay, Inetum

☆ Italy's Banco BPM lifts 2023 profit goal after solid quarter
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A woman walks in front of the Banca Popolare di Milano (BPM) bank in downtown Milan, Italy, January 29, 2016. REUTERS/Alessandro Garofalo/File PhotoMILAN, Aug 2 (Reuters) - Italian bank Banco BPM (BAMI.MI) on Wednesday joined bigger peers in lifting its 2023 net profit goal - the third such upgrade in as many consecutive quarters - as the sector reaps the benefits of higher interest rates. Italy's third-largest bank said it now expects a full-year net profit of at least of 1.2 billion euros, or 80 euro cents per share up from a previous 75 euro cents per share. Banco BPM said net profit for April-June came in at 359 million euros, above a 335 million analyst consensus compiled by Reuters. The bank said it would update its shareholder reward targets when it presents a new business plan by the end of December.

Persons: Alessandro Garofalo, MILAN, Andrea Mandalà, Valentina Za Organizations: Banca Popolare, REUTERS, Banco, Wednesday, Reuters, Thomson Locations: Milan, Italy

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