Hints and tips:
...A London-based investor has called for the European Central Bank to block a €2.5bn rights issue at Monte dei Paschi di Siena, arguing the Italian bank is indirectly buying its own shares in the offering....
...Witness the resuscitation of Monte dei Paschi di Siena, the oldest bank in the world and one of the most accident prone....
...The 12 are UniCredit, Intesa Sanpaolo, Monte dei Paschi di Siena, Mediobanca, Iccreo, Fineco, Credito Emiliano, Cassa Centrale Banca, BPER, Banco BPM, Banca Popolare di Sondrio and Banca Mediolanum....
...Struggling Italian bank Monte dei Paschi di Siena will launch its €2.5bn rights issue on Monday, after a group of banks agreed to underwrite the fundraising....
...Axa, the biggest private backer of Monte dei Paschi di Siena’s rights issue last month, is in talks to secure more lucrative insurance commissions from the Italian bank....
...Monte dei Paschi di Siena was a glorious bank in the 15th century. Things have gone downhill since....
...Monte dei Paschi di Siena has covered 93 per cent of its controversial €2.5bn rights issue despite a meagre take-up by the bank’s shareholders....
...Brussels officials are concerned that a €2.5bn fundraising at the world’s oldest bank Monte dei Paschi di Siena could constitute illegal state aid....
...Banks including Mediobanca, Citigroup, Credit Suisse and Bank of America have signed a pre-underwriting agreement with MPS....
...Intesa’s all-share takeover of UBI Banca in 2020 delivered economies of scale and a capital boost via the accounting voodoo of negative goodwill....
...Monte dei Paschi di Siena is preparing to name a new chief executive in response to mounting pressure from Mario Draghi’s government to replace Guido Bastianini, who has led the ailing Italian state-controlled...
...Generali’s long-time chair, Di Genola, had been Mediobanca’s chair until 2007. Generali declined to comment for this article....
...The equivalent for UniCredit shareholders has been the unexpected collapse of a deal to take over struggling peer Banca Monte dei Paschi di Siena....
...Cerved has appointed UBS in London — a frequent adviser to Ion — as well as Mediobanca and Banca di Credito Finanziario as financial advisers on the approach....
...He likely wants Mediobanca to make an acquisition. Banca Generali, Generali’s majority-held and well-regarded wealth manager, is often mooted....
...Mr Orcel has a close relationship with the Italian bank, having orchestrated the €21bn merger between Credito Italiano and UniCredito in 1998 that formed the group....
...Mediobanca’s chief Alberto Nagel, whose company is advising Monte dei Paschi, has also been approached....
...Separately, Autogrill, the Benetton family’s toll roads catering company, is negotiating a €250m loan with Intesa and Banca Popolare di Milano while Benetton, the clothing company, is in talks with UniCredit...
...Analysts at Banca Akros speculated that in the current market conditions they did not exclude Banca Carige being put into resolution....
...Goldman Sachs and Mediobanca are leading the new bond deal as global coordinators....
...Unipol also said it would create an internal bad bank to house about €3bn of non performing loans from its banking operation, Unipol Banca....
...The insurer will also create an internal bad bank to house €3bn of non-performing loans from its banking operation, Unipol Banca....
...Italian bank stocks have jumped recently after the government this month gained EU approval to rescue Banca Monte dei Paschi di Siena and subsidise Intesa Sanpaolo to take over the rump of the good assets...
...Italy’s Monte dei Paschi di Siena confirmed in a statement a private capital plan to raise E5bn in new equity and hive off E28bn of bad loans “had not closed with success”....
...The world’s oldest surviving lender, Monte dei Paschi di Siena, said it had raised at least €1bn in a debt-for-equity swap, the first stage of a cross-conditional market deal to raise €5bn and hive off €28bn...
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