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Siena - 3 Streisand Neto - 3 Francesco Guerrera - 2 Jennifer Lorenzini - 1 Monte Paschi - 1 Andrea Orcel - 1 Lisa Jucca - 1 Banks - 1
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10 mentions found


☆ Monte Paschi rebirth is vindication for Rome
  + stars: | 2023-11-21 | by ( ) www.reuters.com   time to read: +2 min
REUTERS / Jennifer Lorenzini Acquire Licensing RightsMILAN, Nov 21 (Reuters Breakingviews) - Italy’s privatisation of bailed-out lender Banca Monte dei Paschi di Siena (BMPS.MI) may finally be on the right track. The sale price was nearly 50% higher than last year’s high-stakes 2.5 billion euro capital increase, which cost taxpayers 1.6 billion euros. Rome took advantage of a near-30% rally in Monte Paschi’s shares during the month leading up to the sale. Granted, Rome will never recoup the around 5.4 billion euros it burnt to save Monte Paschi in 2017. Two years ago, interest rates were low and Monte Paschi's recovery seemed a distant prospect.
Persons: Jennifer Lorenzini, Siena, Monte Paschi, Andrea Orcel, Lisa Jucca, Banks, Liam Proud, Streisand Neto Organizations: REUTERS, Reuters, Banca Monte dei, Treasury, X, Walmart, Thomson Locations: Monte dei, Siena, Italy, Rome, Monte Paschi’s, Monte
☆ Italian bank tax flip-flop leaves lasting scars
  + stars: | 2023-08-09 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Aug 9 (Reuters Breakingviews) - The Italian government has raced to soothe bank investors spooked by its ill-thought-out bank windfall tax. The government has now said that the levy will be capped at 0.1% of total assets. If so, and applied to banks’ Italian businesses, then the total haul would be just under 2 billion euros, according to UBS. Still, bank shares have only partially recovered. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: tanking, Siena, That’s, Giorgia Meloni, Neil Unmack, Francesco Guerrera, Streisand Neto Organizations: Reuters, Banca Monte dei, UBS, Banca, Banco, Twitter, Siemens, Thomson
☆ Italy’s bank tax may be anything but “one-off”
  + stars: | 2023-08-08 | by ( ) www.reuters.com   time to read: +2 min
Italy's Infrastructure Minister Matteo Salvini attends the upper house of parliament ahead of a confidence vote for the new government, in Rome, Italy, October 26, 2022. REUTERS/Guglielmo MangiapaneLONDON, Aug 8 (Reuters Breakingviews) - As summer surprises go, the one Matteo Salvini sprung on Italy’s banking sector on Monday evening was as unwelcome as they get. In a late-night press conference, Italy’s deputy prime minister announced a windfall levy on lenders’ profits to help pay for cheaper mortgages and income tax cuts. The government is looking to raise less than 3 billion euros from the tax, Reuters reported citing sources close to the matter. Shares in Italy’s two largest banks – Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI) – dropped more than 5% in morning trading.
Persons: Matteo Salvini, Guglielmo Mangiapane, –, Siena, Francesco Guerrera, headwinds, Peter Thal Larsen, Streisand Neto Organizations: Italy's, REUTERS, Guglielmo Mangiapane LONDON, Reuters, Banco, Banca Monte dei, Twitter, Siemens, Thomson Locations: Rome, Italy, Spain, Hungary
☆ Insurer AXA sells off most of its shares in Monte dei Paschi at 2.33 euros/share
  + stars: | 2023-02-28 | by ( ) www.reuters.com   time to read: 1 min
PARIS, Feb 28 (Reuters) - French insurer AXA (AXAF.PA) said on Tuesday that it had successfully sold off most of its shares in Italian bank Banca Monte dei Paschi di Siena (BMPS.MI), divesting the stocks at a price of 2.33 euros per share. Following this sale, AXA will hold 0.0007% of the Italian bank's share capital. Reporting by Sudip Kar-Gupta Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.
☆ AXA’s fling with Monte Paschi ends on high note
  + stars: | 2023-02-28 | by ( ) www.reuters.com   time to read: +2 min
With its 200-million-euro investment in Banca Monte dei Paschi di Siena (BMPS.MI), the French insurer was one of the largest backers of a crucial 2.5-billion-euro capital increase that the hard-beaten lender secured in November. For AXA, supporting the cash call was instrumental to protect its existing insurance distribution partnership with Monte Paschi. The French insurer said on Tuesday it had sold 100 million shares, nearly 8% of Monte Paschi’s total, at 2.33 euros each, pocketing 233 million euros. That’s a 17% gain from the 200 million euros it invested in the cash call. Monte Paschi’s recent strong share-price performance has in any case more to do with the improved economic outlook in Europe and rising interest rates than with any merit of its own.
☆ Italy's MPS to rejoin Milan's blue-chip index from March 20 - sources
  + stars: | 2023-02-27 | by ( ) www.reuters.com   time to read: +1 min
ROME, Feb 27 (Reuters) - Banca Monte dei Paschi di Siena (MPS) (BMPS.MI) is set to rejoin the FTSE MIB blue-chip index on the Milan stock exchange after six years of absence, two market sources told Reuters on Monday. MPS is currently in the FTSE MID Cap index and left the blue-chip index in March 2017. At 1536 GMT, its stock was up by more than 3.6%, outperforming Italy's bank sub-index (.FTITLMS3010). One trader said MPS' stock has benefited from very high liquidity following November's 2.5-billion-euro new share issue, making it eligible for blue-chip status. At the same time, Italian cement maker Buzzi Unicem (BZU.MI) is "very likely" to be downgraded from the blue-chip to the FTSE MID Cap index, the trader said.
☆ ECB sets capital requirements for Monte dei Paschi for 2023, removes dividend ban
  + stars: | 2022-12-27 | by ( ) www.reuters.com   time to read: +1 min
[1/2] The entrance of the Monte dei Paschi bank headquarters is seen in Siena, central Italy, January 29, 2016. REUTERS/Max RossiMILAN, Dec 27 (Reuters) - The European Central Bank has set the minimum capital requirements for Banca Monte dei Paschi di Siena (MPS) (BMPS.MI) for next year and also removed a ban on the distribution of dividends, the lender said in a statement on Tuesday. The ECB told Monte dei Paschi it must maintain a Common Equity Tier 1 ratio - a measure of financial strength - of at least 8.8%, the statement added. The lender raised 2.5 billion euros ($2.6 billion) in cash in November, braving stormy markets with a new share issue. After a failed re-privatisation attempt last year, Monte dei Paschi is working to improve its appeal for a potential buyer under new CEO Luigi Lovaglio so as to allow the state to cut its 64% stake in a merger deal with a stronger rival.
☆ UniCredit CEO Orcel has leverage in pay debate
  + stars: | 2022-12-06 | by ( Lisa Jucca | ) www.reuters.com   time to read: +4 min
Under UniCredit’s remuneration policies, Orcel receives 2.5 million euros in salary, with the potential for twice that via an annual bonus. A regulatory cap prevents UniCredit from paying its CEO a bigger bonus, so the board may have to hike his fixed salary to pay him more. UniCredit Chairman Pier Carlo Padoan said Orcel has not asked for a pay rise. Follow @LJucca on TwitterloadingCONTEXT NEWSItalian lender UniCredit will review the pay package of its Chief Executive Andrea Orcel ahead of its 2023 general meeting. Orcel’s pay package envisages a fixed salary of 2.5 million euros a year and a bonus of up 5 million euros.
☆ Tricky Monte Paschi cash call comes at high cost
  + stars: | 2022-10-17 | by ( ) www.reuters.com   time to read: +2 min
The fees amount to some 15% of the 857 million euros banks and fund Algebris have agreed to backstop. The fees in Saipem’s (SPMI.MI) 2 billion euro rights issue amounted to less than 5% of the amount banks had agreed to mop up. Monte Paschi says investors have committed 37 million euros and others say they will take up more than 50% of the 900 million euro portion of the rights issue reserved for private investors. That implies the banks may get stuck with some 400 million euros of unsold stock in a worst case scenario. Register now for FREE unlimited access to Reuters.com RegisterFor Monte Paschi, the cost of the rights issue will cut some 15 basis points off its Tier 1 capital ratio target of 14.2% for 2024.
☆ Beleaguered Italian Bank MPS to Raise $2.4 Billion With Share Issue
  + stars: | 2022-10-13 | by ( Giovanni Legorano | ) www.wsj.com   time to read: 1 min
ROME—Troubled Italian lender Banca Monte dei Paschi di Siena SpA is set to launch its seventh share sale in 14 years, after securing the backing of a group of investment banks that have agreed to buy any unsold shares. The bank hopes to raise €2.5 billion, equivalent to $2.4 billion, to pay for restructuring costs and shore up its capital base under terms agreed with European authorities earlier this year.
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