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Top related persons:
Jennifer Lorenzini - 1 Equita - 1 Akros - 1 Siena - 1 Valentina Za - 1 Kirsten Donovan - 1
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Monte dei Siena Italy Italy's
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REUTERS - 1 Generale - 1 Banca Akros - 1 ICCREA - 1 Bank - 1 Banca Generali - 1 Thomson - 1

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5 mentions found


☆ 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
☆ Italian fund buys stake in asset manager Anima in play on bank M&A
  + stars: | 2023-02-15 | by ( Valentina Za | ) www.reuters.com   time to read: +3 min
The 109 million euro ($116 million) stakebuilding strengthens the grip of Italian investors on a company in which France's Amundi (AMUN.PA) - Europe's biggest asset manager - has also taken a stake. Amundi has a strong presence in Italy having spent 3.6 billion euros in 2017 to buy peer Pioneer from UniCredit (CRDI.MI). Formerly backed by the state and focused on promoting national champions, private equity fund Fondo Strategico Italiano (FSI) targeted a stake of up to 9%. Amundi acquired its Anima stake a month after Amundi's owner, French bank Credit Agricole (CAGR.PA), bought 9.2% of Banco BPM, becoming its single largest investor. Of Anima's 177 billion euros of assets under management, some 100 billion euros are invested in Italian government bonds.
☆ Saipem shares drop, group says cannot explain why
  + stars: | 2023-02-13 | by ( ) www.reuters.com   time to read: +1 min
MILAN, Feb 13 (Reuters) - Saipem (SPMI.MI) does not have any information explaining Monday's share movements, a spokesman for the Italian energy contractor said, after the stock closed down 5.7%. More than 10% of the share capital of the group was traded on the Milan stock exchange, according to Refinitiv data. In July a pool of lender bought Saipem's shares worth almost 600 million euros after a cash call fell short of the 2 billion euro target. BNP Paribas, Citigroup, Deutsche Bank, HSBC, Intesa Sanpaolo and UniCredit were the joint global coordinators of the Saipem issue. Reporting by Francesca Landini and Giancarlo Navach, editing by Gianluca Semeraro and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.
☆ Generali sticks to 2024 targets, generates $1 bln per year for M&A
  + stars: | 2022-11-10 | by ( Gianluca Semeraro | ) www.reuters.com   time to read: +2 min
In September, sources had said Generali was exploring several potential U.S. acquisition targets in the asset management business, including investment firm Guggenheim Partners. For a deal of this size, Generali may need to divest its private bank Banca Generali (BGN.MI), sources had said at that time. In a post-results call with journalists, Chief Financial Officer Cristiano Borean declined to comment on rumours of an acquisition in the U.S. but said Generali was "a happy investor" in Banca Generali. Nine-month net profit came in at 2.23 billion euros ($2.24 billion), down 0.8% from a year ago, due to impairments of 141 million euros on Russian investments. The profit was above an analyst consensus provided by the company of 2.05 billion euros.
☆ TIM plunges to hit record lows after latest delay to network deal
  + stars: | 2022-10-11 | by ( ) www.reuters.com   time to read: +3 min
Under a preliminary agreement sealed in May and sponsored by Italy's outgoing government, state lender CDP and TIM had aimed for a binding deal by the end of October but that deadline will now slip. read moreCDP's approach is part of a long-held plan to combine TIM's fixed network assets with those of state-backed rival Open Fiber to create a single national network operator under CDP control. TIM shares fell as much as 3.5% to hit a record low at 0.1743 euros. Divergences on valuations have complicated negotiations, with TIM's top investor Vivendi (VIV.PA) seeking 31 billion euros, some 10-15 billion above CDP's valuation, sources have said. The approach valued the venture at 6 billion euros, a price tag deemed inadequate by TIM, sources had previously said.
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