|Bid||0.00 x 2000000|
|Ask||0.00 x 100|
|Day's Range||3.08 - 3.20|
|52 Week Range||2.07 - 3.20|
|PE Ratio (TTM)||7.94|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The European Central Bank's Chief Supervisor Daniele Nouy was "inflexible" at a meeting with Italian lenders on Wednesday where topics such as bad loans were discussed, two sources with knowledge of the matter said. Italian banks piled up soured loans in a deep recession and are struggling to get rid of them as a clogged judicial system hampers recoveries and sales can only be carried out at a loss. The Bank of Italy spoke of a "very constructive and useful exchange of views" in a statement issued after the meetings that Nouy held with domestic supervisors, top executives from Italy's bigger banks and the national banking association.
Intesa Sanpaolo continues to hold to its view that government bonds from the eurozone’s periphery will underperform those of core eurozone states in 2018 in a global repricing.
Intesa Sanpaolo's (ISP.MI) shift in strategy to sell part of its prized bad loan unit could prompt other Italian banks to follow suit with Banco BPM (BAMI.MI) and UBI (UBI.MI) seen as possible candidates, industry and financial sources said. Intesa, which had bet on recovering its problematic loans internally, said last week it was in talks with Scandinavian debt collector Intrum Justitia (INTRUM.ST) on a possible sale of its collection business and a chunk of its 53.6 billion euros ($66 billion) in soured debts. Sources familiar with the matter said the business has been valued at about 500 million euros ($612 million), a price tag that broker Equita SIM termed a "once in a lifetime" opportunity.
Intesa Sanpaolo's (ISP.MI) sudden change of plan for tackling bad debts was driven by the European Central Bank's tough line on problem loans, sources familiar with the matter said. Intesa on Wednesday said it was in talks on a possible sale of its debt collection business and a bad loan portfolio to Swedish credit servicing group Intrum Justitia (INTRUM.ST). This marked a change of direction for Intesa, which had been tackling bad debts in-house to boost recoveries and avoid sales that are normally done at a loss and burn through capital.
Rating Action: Moody's withdraws NTV's B1 rating. Global Credit Research- 21 Dec 2017. Milan, December 21, 2017-- Moody's Investors Service has today withdrawn the Italian railway operator Nuovo Trasporto ...
Intesa Sanpaolo SpA said it expects to cut annual expenses by about 675 million euros ($800 million) starting in 2021 through job reductions that follow its acquisition of two failed banks from the Veneto ...
ROME (Reuters) - Italy's state holding company CDP and Intesa Sanpaolo (ISP.MI) have signed a non-binding agreement to join ArcelorMittal's (MT.AS) bid to buy Italian steelmaker Ilva, a source ...
** Unilever has agreed to sell its margarine and spreads business to U.S. private equity firm KKR for 6.83 billion euros ($8.04 billion) to concentrate on faster growing products. ** China's top oil and gas company CNPC is considering taking over Total's stake in a giant Iranian gas project if the French company leaves Iran to comply with any new U.S. sanctions, industry sources said. ** South African tycoon Christo Wiese called off plans to sell his stake in grocer Shoprite to Steinhoff's African arm, a day after he resigned from Steinhoff's board in the midst of an accounting scandal.
Italy's state holding company CDP and Intesa Sanpaolo have signed a non-binding agreement to join ArcelorMittal's bid to buy Italian steelmaker Ilva, a source close to the matter said on Friday. The involvement of CDP and Intesa, which the source said would amount to about 100 million euros ($118 million), would replace the share in the consortium currently held by Italian steel processor Marcegaglia. EU antitrust authorities in November upgraded their investigation into whether the proposed purchase of Ilva by the consortium led by ArcelorMittal, the world's biggest steelmaker, would lead to steel price hikes.
Rating Action: Moody's affirms B3 local-currency deposit ratings of Egyptian banks, stable outlook maintained. Global Credit Research- 12 Dec 2017. Limassol, December 12, 2017-- Moody's Investors Service, ...
Rating Action: Moody's assigns definitive rating to Italian RMBS notes issued by Brera Sec S.r.l. Global Credit Research- 11 Dec 2017. Milan, December 11, 2017-- Moody's Investors Service has today assigned ...
European shares edged up on Thursday as financial and tech stocks recovered, while troubled furniture retailer Steinhoff sank further, stung by an accounting scandal. Euro zone stocks once again performed better than the broader pan-European STOXX 600 index as UK stocks slipped. "In the world, the sector with the biggest potential to grow from here in earnings is probably continental European banks," said Kevin Gardiner, global investment strategist at Rothschild Wealth.
The head of Italy's top retail bank Intesa Sanpaolo (ISP.MI) joined a growing chorus of Bitcoin critics, calling the wild gyrations in the price of the cryptocurrency a speculative bubble and saying global regulatory scrutiny was essential. "There is no doubt it's a speculative bubble, when a currency goes from $1,000 to $10,000 in the space of a year the fluctuation is absolutely speculative," Intesa CEO Carlo Messina told the TG5 news programme on Friday. Bitcoin rebounded on Friday to hit the day's highs above $10,500, recovering from an earlier dip below $9,500, after the U.S. derivatives regulator said it would allow CME Group (CME.O) and CBOE Global Markets (CBOE.O) to list bitcoin futures.
Rating Action: Moody's assigns definitive rating to Adriano Lease Sec. Global Credit Research- 30 Nov 2017. EUR 2,869.7 million of securities rated.
MILAN (AP) — Italian bank Intesa SanPaolo SpA says its third-quarter profits rose 16 percent on higher net fees and commissions.
Two major creditors of Banca Carige (CRGI.MI) have taken up a debt exchange offer which is a key plank of the troubled Italian bank's capital raising efforts, sources close to the matter said. After Rome rescued larger rival Monte dei Paschi di Siena (BMPS.MI) and liquidated two failing regional banks this year, Carige has come into focus as the last large Italian bank still in difficulty following a deep recession. The European Central Bank has given Italy's ninth-largest bank until the end of December to strengthen its capital.
Shares in Italy's Pirelli (PIRC.MI) fell on Wednesday on the tyremaker's return to the Milan stock exchange two years after it was taken over by China National Chemical Corp (ChemChina). The stock fell as much as 3.4 percent during the day, with a trader saying that while the IPO price had been cut it was still considered to be overvaluing the company. Despite being one of Italy's best-known corporate names, prospective investors had raised concerns over Pirelli's debt pile, complex governance structure and the risk that one of the existing minority shareholders could sell once a lock-up expires.
MOSCOW/BEIJING, Sept 8 (Reuters) - Chinese conglomerate CEFC will buy a 14.16 percent stake in Russian oil major Rosneft for $9.1 billion from a consortium of Glencore and the Qatar Investment Authority, strengthening the energy partnership between Moscow and Beijing. CEFC China Energy has grown in recent years from a niche oil trader into a sprawling energy conglomerate and the transaction will allow China, the world's second largest energy consumer, to boost cooperation with the world's top oil producer.
Italian bank Intesa Sanpaolo will recoup a 5.2 billion euros ($6.3 billion) loan as a result of Chinese conglomerate CEFC's acquisition of a 14.16 percent stake in Russian oil major Rosneft, the lender said on Friday. Intesa had extended the loan to help commodities trader Glencore (GLEN.L) and the Qatar Investment Authority buy a 19.5 percent stake in Rosneft. Glencore and QIA sold most of that stake to CEFC for $9.1 billion in a deal unveiled earlier on Friday.
Bad loans in Slovenian banks totalled 3 billion euros ($3.6 billion) or 7.3 percent of all lending at the end of July, down from 7.5 percent in June and 8.5 percent at the end of 2016, the Bank of Slovenia said on Friday. Robust economic growth and banks successfully working through their portfolios has been steadily bringing the level of bad loans down in Slovenia over recent years. The government expects GDP growth of at least 3.6 percent this year, based on rising exports and investment while the OECD forecasts Slovenia's GDP growth this year of 4.5 percent.
Slovenian banks cut bad loans, whose repayment has been delayed by 90 days or more, to 3.1 billion euros ($3.70 billion) in June, or 7.5 percent of all loans, down from 7.7 percent a month before, the Bank of Slovenia said on Wednesday. It also said banks had made a joint net profit of 233 million euros in the first six months of the year, down from 249 million in the same period of 2016, mainly due to lower interest rate income. In that year the government narrowly avoided an international bailout for its banking sector.
Sep.26 -- Carlo Messina, chief executive officer at Intesa Sanpaolo SpA, discusses the state of the Italian banking industry. He speaks with Bloomberg's Francine Lacqua at the Bloomberg European Banking Conference on "Bloomberg Markets: European Open."