|Day's Range||17.51 - 17.72|
|52 Week Range||10.07 - 19.05|
|PE Ratio (TTM)||14.03|
|Dividend & Yield||1.20 (6.98%)|
|1y Target Est||N/A|
The European Central Bank has pulled the plug on two troubled Italian banks, sending them into insolvency proceedings as it pushes ahead with efforts to clean up weak banks holding back the economy. The ...
MILAN/FRANKFURT (Reuters) - The European Commission on Friday gave preliminary approval for an Italian plan to wind down two ailing Veneto-based regional lenders with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. Italy plans to start liquidation proceedings for Banca Popolare di Vicenza and Veneto Banca on Saturday, a source close to the matter said, issuing an emergency decree that will effectively remove one its biggest banking headaches by splitting the two lenders' assets into "good" and "bad" banks. The country's top retail bank Intesa Sanpaolo (ISP.MI) is set to buy the good assets for one euro, leaving the state to foot the bulk of the bill for losses stemming from the banks' bad loans, legal risks and restructuring costs.
ROME/BRUSSELS (Reuters) - Italy is set to approve an emergency decree to wind up regional lenders Veneto Banca and Banca Popolare di Vicenza using state aid on Saturday, a source close to the matter said after the European Commission gave a preliminary green light to the move. Intesa Sanpaolo (ISP.MI) has offered to buy the good assets of the two banks for one euro, while the lenders' soured loans and legal risks will be transferred to a "bad bank" financed partly by the state. Earlier on Friday the European Central Bank ruled that the two regional lenders were failing or likely to fail and should be wound up under Italian insolvency procedures.