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☆ 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

☆ Credit Agricole has no plans to raise stake in Italy's Banco BPM
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

Credit Agricole emerged as Banco BPM's single biggest investor a year ago, shortly after UniCredit (CRDI.MI) ditched a buyout offer for the smaller rival. Credit Agricole recently increased its initial 9.2% stake, but it would need supervisory clearance to cross the 10% threshold. When asked whether Credit Agricole could help shield Banco BPM from potential takeovers, Maioli said: "We don't play that part. Credit Agricole Italy two years ago spent 855 million euros ($941.36 million) to buy regional Italian bank Creval, after agreeing to rescue three small ailing lenders in 2017. "I think the priority of all the parties involved should be that of strengthening Italian banks," he said.

☆ Banco BPM to work on revising business plan, improve targets
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

MILAN, April 20 (Reuters) - Banco BPM (BAMI.MI) will work on updating its strategic plan in the coming months and is confident it can improve its financial goals, Chief Executive Giuseppe Castagna said as shareholders prepare to hand him another mandate. Castagna, who has led Banco BPM since the 2017 merger that created Italy's third-largest bank, is set to be reappointed as shareholders vote on Thursday to name a new board. "One of our top priorities for the coming months will be to update our business plan on a stand-alone basis which, I'm sure, will be able to aim to improve the recently announced targets," Castagna told shareholders. Reporting by Andrea Mandala; writing by Valentina Za Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Monte dei Paschi (MPS), which raised capital last year, needs to merge with a stronger rival to cement its turnaround. Banco BPM CEO Giuseppe Castagna, who faces pressure from shareholders to reject an MPS deal, has repeatedly said the Tuscan bank is too large for Banco BPM to integrate. A Banco BPM spokesperson said nothing had changed in this respect. HURDLESA Banco BPM and MPS tie-up would pose major hurdles, another three sources said separately. Banco BPM investors are also concerned about an expansion into regions of the country where economic growth is much weaker compared with the bank's wealthy home base in the north, one of the sources said.

ECB Governing Council member Ignazio Visco, who is also the Bank of Italy's governor, warned that an excessive tightening would have "serious implications" for economic activity and financial stability. He reiterated that he saw this as a risk that carried the same weight as the danger of a too gradual tightening. "The policy tightening can now continue with the due caution, carefully assessing the implications for the economy and inflation prospects of the measures that have already been adopted," Visco told the annual conference of Italy's Assiom-Forex financial markets association. The ECB has kept its options open about subsequent steps after March, raising doubts among investors about its resolve to keep raising rates to tame inflation. Banking supervisors are monitoring specifically credit risks but also liquidity and refinancing risks, Visco said, adding there was a danger that higher rates fed into banks' funding costs more rapidly than in the past.

☆ Banco BPM wants to squeeze more long-term value from retailers' payment business
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 4 (Reuters) - Italy's third-largest bank Banco BPM (BAMI.MI) is keen to generate greater value longer-term from its retailers' payment business as it explores strategic options for the unit, its chief executive said on Saturday. Speaking to reporters on the sidelines of the Assiom-Forex conference in Milan, Chief Executive Giuseppe Castagna said Banco BPM was considering ways to boost profitability at its business that provides payment services to shopkeepers. "What we certainly won't do is be selling future P&L (profit and loss) inflows to get cash upfront," Castagna said. "Like with our other businesses, we're looking for ... a model that creates more value for the bank," Castagna said without elaborating. Banco BPM recently agreed to sell a majority stake in its non-life insurance business to Credit Agricole (CAGR.PA), its single biggest investor with whom it already partnered in consumer credit.

☆ Italy court rejects Google's appeal against watchdog fine, accepts Apple's one
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: 1 min

MILAN, Nov 18 (Reuters) - An Italian administrative court on Friday rejected an appeal by Alphabet's Google (GOOGL.O) against a decision by Italy's antitrust authority to fine the group, but accepted iPhone maker Apple's (AAPL.O) appeal against the watchdog's ruling. Last year, Italy's antitrust regulator fined Google and Apple 10 million euros ($10.36 million) each, claiming that the two tech groups had not provided "clear and immediate information" on how they collect and use the data of those who access their services. Both Google and Apple had no immediate comment. ($1 = 0.9655 euros)Andrea Mandalà and Elvira Pollina, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

☆ Fondazione CRT agrees 5 mln euro investment in Monte dei Paschi cash call - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

MILAN, Oct 27 (Reuters) - Italian banking foundation Fondazione CRT on Thursday approved a 5 million euro investment in the Monte dei Paschi di Siena's (BMPS.MI) new share issue, a foundation source said. The decision comes after fellow foundations Fondazione Cariplo and Fondazione SanPaolo this week answered an informal request by Italy’s Treasury to back Monte dei Paschi's capital raising efforts. Reporting by Andrea Mandala, writing by Valentina Za; editing by Agnieszka FlakOur Standards: The Thomson Reuters Trust Principles.

☆ Italy OKs process to grant state guarantees for Enel credit facility - source
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Companies Enel SpA FollowMILAN, Oct 19 (Reuters) - Italy's Treasury has given a preliminary go-ahead to a request by utility Enel (ENEI.MI) to tap state guarantees for an up to 16 billion euro ($16 billion) credit facility provided by a pool of banks, a source with knowledge of the matter said. The preliminary green light from the ministry sets in motion a process that entails numerous approval steps and stretches over several weeks. Register now for FREE unlimited access to Reuters.com RegisterUnder the process, the boards of the banks in the pool will need to approve the credit facility. Italian state exports credit agency SACE will need to clear the guarantees which will then need a final green light from the ministry itself. Europe's biggest utility has asked to tap a state guarantee scheme Rome has designed to help domestic companies hit by surging energy prices.

☆ Credit Agricole, AXA to bid this week for Banco BPM's insurance deal-sources
▼ + stars: | 2022-10-18 | by ( Andrea Mandala | ) www.reuters.com time to read: +2 min

Credit Agricole has bought 9.2% of Banco BPM this year with a view to expanding their strategic partnerships beyond consumer finance. Insurance and asset management, which Banco BPM has put at the core of its profit strategy, are seen as the obvious candidates. Banco BPM, AXA, Credit Agricole and Generali all declined to comment. Banco BPM CEO Giuseppe Castagna recently said the bank was in no rush to select an insurance partner. In August Banco BPM had indicated it would take a decision by the end of the year.

☆ Italy's Enel in talks with banks to secure $15.7 bln credit line - source
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

MILANO, Oct 18 (Reuters) - Enel (ENI.MI) is discussing with a pool of Italian banks to secure a credit line, worth up to 16 billion euros ($15.7 billion) to support Italy's biggest utility, a source close to the matter said on Tuesday. The facility would have a 70% guarantee from Italy's credit export agency SACE under a state-guarantee scheme to help Italian companies affected by surging energy prices, source added. Enel declined to comment. ($1 = 1.0163 euros)Register now for FREE unlimited access to Reuters.com RegisterAndrea Mandalà, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.

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