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MPS shares were down 7.8% at 2.83 euros by 1145 GMT on Tuesday, reflecting the impact of the sale. EU COMMITMENTSBofA Securities, Jefferies and UBS Europe coordinated the accelerated bookbuilding for the stake sale, the Treasury said in a statement. Commitments Italy agreed with European Union competition authorities at the time of the bailout bind Rome to eventually sell its entire stake in the bank. Two years ago heavyweight UniCredit (CRDI.MI) sank the government's privatisation efforts, forcing Rome to seek more time from the EU. The stake sale is seen as giving Italy more flexibility to pursue a long-term solution for MPS via a merger with a rival, after negotiations with UniCredit were complicated by an impending re-privatisation deadline.

Persons: Jennifer Lorenzini, Luigi Lovaglio, Giancarlo Giorgetti, Giorgia Meloni, Valentina Za, Lincoln, Richard Chang, Mark Potter Organizations: Monte, REUTERS, Treasury, MPS, BofA Securities, Jefferies, UBS Europe, European Union, Reuters, Economy, Banco, BPER Banca, EU, Thomson Locations: Monte dei, Siena, Italy, MILAN, Rome

☆ Italy picks UBS, Jefferies, Clifford Chance for MPS privatisation
▼ + stars: | 2023-10-20 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

People pass in front of a branch of Monte dei Paschi di Siena (MPS) bank in Siena, Italy, August 11 2021. REUTERS / Jennifer Lorenzini/File Photo Acquire Licensing RightsROME, Oct 20 (Reuters) - Italy's Treasury said on Friday it had picked UBS (UBSG.S) , Jefferies and Clifford Chance as financial and legal advisers for the privatisation of bailed-out bank Monte dei Paschi di Siena (MPS) (BMPS.MI). After a failed attempt to sell the Tuscan lender to larger peer UniCredit (CRDI.MI) in 2021, Italy agreed to Brussels' new privatisation terms that were never fully disclosed. However, Economy Minister Giancarlo Giorgetti said this week MPS could return to private hands by the end of next year. Both Giorgetti and Prime Minister Giorgia Meloni have said in recent months that the government would try to boost competition among Italy's banks with the privatisation of MPS.

Persons: Jennifer Lorenzini, Jefferies, Clifford Chance, Giancarlo Giorgetti, Giorgia Meloni, Gavin Jones, Richard Chang Organizations: REUTERS, Rights, Treasury, UBS, European Union, MPS, Banco, Reuters, Thomson Locations: Monte dei, Siena, Italy, Rome, Brussels

☆ Italy not tied to any deadline to exit Monte Paschi, FinMin says
▼ + stars: | 2023-10-13 | by ( ) 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. REUTERS/Jennifer Lorenzini/File Photo Acquire Licensing RightsMARRAKECH, Oct 13 (Reuters) - Italy will exit bailed-out bank Monte dei Paschi di Siena (MPS) (BMPS.MI) when market conditions are appropriate as it is not tied to any deadline, Economy Minister Giancarlo Giorgetti said on Friday. After a failed attempt to sell the bank to UniCredit (CRDI.MI) in 2021, Italy agreed with Brussels new privatisation terms that were never fully disclosed. Both Giorgetti and Prime Minister Giorgia Meloni have said that the government would try to boost competition among banks with the privatisation of MPS. ($1 = 0.9499 euros)Reporting by Elisa Martinuzzi, writing by Giuseppe Fonte, editing by Jane Merriman and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Lorenzini, Giancarlo Giorgetti, Giorgetti, Giorgia Meloni, Meloni, Elisa Martinuzzi, Giuseppe Fonte, Jane Merriman, Gavin Jones Organizations: Monte, REUTERS, Rights, European Union, World Bank, International Monetary Fund, MPS, Banco, Treasury, Thomson Locations: Monte dei, Siena, Italy, Rights MARRAKECH, Rome, UniCredit, Brussels, Marrakech

☆ UniCredit cements lead as top-performing euro zone bank stock
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Unicredit logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsMILAN, Sept 21 (Reuters) - Shares in Italian lender UniCredit (CRDI.MI) rose further on Thursday, hitting their highest since January 2016 and cementing their lead as top-performing euro zone bank stock of 2023. Giving further impetus to UniCredit's rally was the bank's surprise announcement on Wednesday to bring forward up to 2.5 billion euros of its 2023 share buyback plan. "This move comes largely unexpected and sends a message of confidence about the next few months despite the uncertain outlook: we expect UCG will continue to outperform in the near to medium term," wrote Deutsche Bank analysts in a note. Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, UniCredit, Danilo Masoni, Amanda Cooper Organizations: REUTERS, BPER Banca, Banco, Deutsche Bank, Thomson

☆ 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

☆ 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

☆ Italian windfall tax sends euro zone bank stocks tumbling
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: 1 min

Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 8 (Reuters) - An index of euro zone banks (.SX7E) fell as much as 3.4% on Tuesday, after Italy approved a 40% windfall tax on banks for 2023. The index is on track for its biggest daily drop since the turmoil in the banking sector in March. BPER Banca (EMII.MI) fell to the bottom of the STOXX 600 and was last down 8.8% while Intesa Sanpaolo (ISP.MI) was last down 8%. The pan-European STOXX 600 (.STOXX) was last down 0.3%, while a broader index of European banks fell 2%.

Persons: Dado Ruvic, Intesa, Lucy Raitano, Alun John Organizations: REUTERS, BPER Banca, Thomson Locations: Italy, EMII.MI

☆ 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

☆ Morning Bid: China trade data disappoints, again
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

U.S. equity markets saw their first positive day in August on Monday, but then along came Chinese trade data. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust. Though, he says, "looking at other export-related data such as export orders, the outlook appears weak." Even Chinese imports from Russia fell year-on-year in July, the first fall since Feb 2021. Tuesday looks quiet on the U.S. data front, but traders are bracing for the big one - Thursday's CPI data.

Persons: Alun John ., David Chao, Hong, Intesa, Banca, Banks, Moody's, Fed's Harker, Alun John, Barbara Lewis Organizations: Shipping, cnsphoto, REUTERS, Nasdaq, BPER Banca, Bank of New York Mellon, US Bancorp, Truist, Thomson, Reuters Locations: Shanghai, China, U.S, Hong Kong, Russia, Europe

☆ Russian hackers crash Italian bank websites - cyber agency
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

ROME, Aug 1 (Reuters) - Italy's cyber security agency on Tuesday said it had detected hacker attacks against websites of at least five banks, which temporarily made it impossible to access some of their services. A spokesperson for the agency told Reuters that targeted banks included Intesa Sanpaolo (ISP.MI), Monte dei Paschi di Siena (BMPS.MI) and BPER Banca (EMII.MI), along with FinecoBank (FBK.MI) and Banca Popolare di Sondrio (BPSI.MI). The agency "identified the reactivation of Distributed Denial of Service (DDoS) attack campaigns by pro-Russian ... groups against national institutional subjects," a statement said. In DDoS attacks, hackers attempt to flood a network with unusually high volumes of data traffic in order to paralyse it. The agency said it provided swift assistance to the firms targeted by attacks from activists in the Noname057(16) group in order to mitigate any impact.

Persons: Intesa, Siena, Angelo Amante, Valentina Za Organizations: Reuters, BPER Banca, Banca Popolare, Thomson

☆ Ghost of Silicon Valley Bank turns up in Italy
▼ + stars: | 2023-07-04 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

The rapid collapse of Silicon Valley Bank earlier this year was largely down to an ill-advised bond portfolio and liabilities that were less sticky than assumed. While Italy’s Eurovita isn’t a bank, its demise has some similarities with events across the Atlantic. Eurovita, whose 2022 balance sheet was only about 15 billion euros, chiefly offered life insurance products that guaranteed policyholders’ invested capital and a fixed annual return. Follow @LJucca on TwitterCONTEXT NEWSItaly’s top four insurers and Germany’s Allianz have agreed a multibillion-euro rescue deal for ailing life insurer Eurovita, industry supervisor IVASS said on June 30. The deal also involves banks that sold the insurance products through their networks.

Persons: policyholders ’, Cinven, Intesa, redemptions, Eurovita, Marco Sesana, weren’t, IVASS, George Hay, Oliver Taslic Organizations: MILAN, Reuters, Banco, Reuters Breakingviews, Allianz, Germany’s Allianz, Thomson Locations: Silicon, Eurovita

☆ Italy's top insurers, banks strike Eurovita rescue deal
▼ + stars: | 2023-07-01 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

MILAN, June 30 (Reuters) - Italy's top four insurers and Germany's Allianz (ALVG.DE) have agreed a multi-billion euro rescue deal for Eurovita, industry supervisor IVASS said on Friday after months of work to broker an accord which also involves 25 banks. Earlier this year, Eurovita became the first Italian insurance company to be placed under special administration, after running into trouble due to higher interest rates. Insurers Generali (GASI.MI), Intesa Sanpaolo Vita (PST.MI), Poste Vita (PST.MI), UnipolSAI (US.MI) and Allianz will set up a new company that will take on Eurovita life insurance policies. To prevent the five insurers from being hit by redemptions once the ban is lifted, banks that sold Eurovita the products are participating in the rescue. The lenders will provide financing to repay Eurovita customers who redeem their policies, while holding the underlying bonds to maturity and neutralising any losses.

Persons: IVASS, Eurovita, redemptions, Intesa, Vitale &, Gatti Pavesi Bianchi, Valentina Za, Alvise Armellini, Alexander Smith Organizations: MILAN, Germany's Allianz, Allianz, Banco, Credit Agricole, Thomson Locations: Eurovita

☆ European banks surge on strong Q1 results from U.S. peers
▼ + stars: | 2023-04-14 | by ( Joice Alves | ) www.reuters.com time to read: +1 min

[1/3] The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves HermanLONDON, April 14 (Reuters) - European banks surged on Friday, rising to a one-month high, gaining support from U.S. lenders, which reported better-than-expected results in the first quarter. The STOXX 600 index of European banks (.SX7P) gained as much as 3% to reach its highest since mid-March after JPMorgan (JPM.N), Citigroup (C.N) and Wells Fargo WFC.N beat estimates. Banks largely outperformed the broader market, with the STOXX 600 (.STOXX) index climbing 0.6% as risk assets gained support from expectations the U.S. Federal Reserve may soon finish raising interest rates. In London, Standard Chartered (STAN.L) shares rose 4.3% to three-week highs, Barclays (BARC.L) shares were up 3%, touching a five-week high, while HSBC (HSBA.L) shares up 3.1% to one month highs.

☆ 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.

☆ Enel signs state-backed credit line worth 12 bln euros
▼ + stars: | 2022-12-23 | by ( Francesca Landini | ) www.reuters.com time to read: +2 min

MILAN, Dec 23 (Reuters) - Enel (ENEI.MI) and a pool of banks signed a 12 billion euro ($12.74 billion) credit facility to fund margin calls linked to the group's derivative trades, Italy's biggest utility said. The financing is 70% guaranteed by the Italian export credit agency SACE and has a term of about 18 months, Enel said on Friday. As anticipated by Reuters, the credit line is part of the Italian government's efforts to shield the country's utilities against volatility on energy markets. Other Italian utilities are expected to apply for the SACE guarantee scheme. Italy's second-biggest utility A2A (A2.MI) told Reuters on Tuesday it would tap the credit facility backed by the credit export agency in January.

The entrance to the headquarters of Monte dei Paschi di Siena (MPS), the oldest bank in the world, in Siena, Italy, August 11, 2021. Rome failed to meet an initial EU deadline when talks to sell MPS to UniCredit (CRDI.MI) collapsed a year ago. One of the sources said UniCredit and Banco BPM are still seen in Rome as the best options for MPS. Investor commitments cover more than half of the up to 900 million euro portion of MPS's share sale that will not be funded by the state. Five years after spending 5.4 billion euros to rescue MPS Italy is having to pump another 1.6 billion euros into the bank.

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