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☆ What buying Commerzbank would mean for UniCredit — and the banking sector
  + stars: | 2024-09-19 | by ( April Roach | ) www.cnbc.com   time to read: +7 min
Last week, UniCredit announced it had taken a 9% stake in Commerzbank, confirming that half of this shareholding was acquired from the government. Commerzbank shares jumped 20% on the day UniCredit's stake was announced. A cross-border styled merger between UniCredit and Commerzbank would be more preferential than a domestic merger between Deutsche Bank and Commerzbank, according to Reint Gropp, president of the Hall Institute for Economic Research. "The German banking structure is long overdue for a consolidation process. The German bank also has less excess capital than UniCredit and therefore "cannot really afford" a takeover, Alloatti said.
Persons: Kirill Kudryavtsev, UniCredit, Andrea Orcel, Commerzbank, Orcel, Ignacio Cerezo, Berenberg, David Benamou, Benamou, CNBC's, Arnaud Journois, Journois, Emmanuel Macron, Reint Gropp, Gropp, Filippo Alloatti, Hermes, Alloatti, We've Organizations: Afp, Getty, Bloomberg, Reuters, UniCredit, Wednesday, UBS, Investments, European, Morningstar, Commerzbank, Analysts, CNBC, Deutsche Bank, Hall Institute for Economic Research, Will Deutsche Bank, ABN Amro Locations: Frankfurt, Germany, Commerzbank, Berlin, Italian, U.S, Europe, UniCredit, Italy
☆ Seeing complete disconnect between EU and U.S. bank regulation, says analyst
  + stars: | 2024-01-15 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSeeing complete disconnect between EU and U.S. bank regulation, says analystDavid Benamou, managing partner at Axiom, discusses the risks facing the banking sector.
Persons: David Benamou Organizations: EU
☆ Credit Suisse bondholders prepare lawsuit after contentious $17 billion writedown
  + stars: | 2023-03-21 | by ( Elliot Smith | ) www.cnbc.com   time to read: +3 min
A sign of Credit Suisse bank is seen at their headquarters in Zurich on March 20, 2023. A number of Credit Suisse bondholders said Tuesday that they were considering legal action after $17 billion of the bank's additional tier-one (AT1) bonds were wiped out as part of its emergency sale to UBS . David Benamou, chief investment officer at Axiom Alternative Investments and a holder of Credit Suisse AT1 bonds, told CNBC on Tuesday that he would be joining the lawsuit along with, he imagined, "probably most bondholders." Was Credit Suisse failing? The Credit Suisse write-down represents the largest loss ever inflicted on AT1 investors since their inception.
☆ What are AT1 bonds and why are Credit Suisse’s now worthless?
  + stars: | 2023-03-20 | by ( Anna Cooban | ) edition.cnn.com   time to read: +4 min
But it is the owners of Credit Suisse’s $17 billion worth of “additional tier one” (AT1) bonds who have been left fully in the cold. David Benamou, chief investment officer at Axiom Alternative Investments, a French wealth management firm with exposure to AT1 bonds, called the decision “quite surprising, not to say … shocking.”What are AT1 bonds? AT1 bonds are also known as “contingent convertibles,” or “CoCos”. It is not the write-down of Credit Suisse’s AT1 bonds that has rocked investors, but the fact that the bank’s shareholders will receive some compensation when bondholders will not. But because Credit Suisse’s demise has not followed a traditional bankruptcy, analysts told CNN, the same rules don’t apply.
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