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Mon, Oct. 27, 12:52 PM
- “Judging from the market reaction today, investors don’t completely believe in the ECB," says Peter Garnry, head of equity strategy at Saxo Bank. "They are more pessimistic on the banks."
- Financial firms were among the worst performers today following the release of ECB stress tests over the weekend, falling 0.9% vs. the Stoxx Europe 600's decline of 0.6%. Hardest hit were the Italian lenders after that country's banks made up a disproportionate share of those who failed the exams. Not failing, but nevertheless hit: Unicredit (OTCPK:UNCFF, OTC:UNCFY) -2.6%, Intesa Sanpaolo (OTCPK:IITOF, OTCPK:IITSF, OTCPK:ISNPY) -3.1%. Italy's FTSE MIB index (NYSEARCA:EWI) led European declines, falling 2.3%.
- Also taking a hit despite no issues from the stress tests were Europe's larger banking powers: Santander (SAN -3%), Deutsche Bank (DB -1.6%), ING (ING -1.8%), BBVA (BBVA -2.3%).
- EUFN -1.4%
- Previously: ECB stress test failures centered among Italian banks
Tue, Sep. 2, 11:56 AM
- The two shortlisted bidders, reports Reuters, are Lone Star and a consortium of which Fortress Investment Group (FIG +0.1%) is a part, and UniCredit (OTCPK:UNCFF, OTC:UNCFY) is expected to pick a winner by mid-October.
- The unit manages more than €40B of non-performing loans belonging to the bank and to third parties, and the sale - which includes both the loan portfolio and the platform - could yield UniCredit €700M-€800M.
Tue, Apr. 29, 9:39 AM
- Capital shortfalls will need to be covered within six months for those lenders failing under the EBA's baseline stress test scenario, while banks failing under the adverse scenario will have nine months to fix things.
- ECB Vice-President Constancio: "Banks should start to consider what private sources of capital could be raised as a result of this exercise and plan accordingly."
- Earlier: The EBA unveils stress test criteria. 124 banks from 28 EU states are subject to the exams. Among the larger ones: DB, BNPQF, BNPQY, SCGLY, SAN, BBVA, UNCFF, UNCFY, IRE, NBG, CRZBY, CRARY.
- European financial sector ETF: EUFN
Tue, Apr. 22, 8:50 AM
- Italy's two largest banks - Unicredit (UNCFF) and Intesa Sanpaolo (ISNPY) - agree to a deal with KKR and workout specialist Alvarez & Marsal to pool some of their bad loans in a special vehicle. The two lenders reportedly will each contribute €1B of loans and KKR will invest an undisclosed amount.
- The hope is that combining the troubled debts with outside management expertise will make them more recoverable or easier to sell to 3rd parties.
Tue, Apr. 22, 5:03 AM
- UniCredit (UNCFF) and Intesa Sanpaolo (IITOF) are teaming up with KKR (KKR) and restructuring adviser Alvarez & Marsal to form a vehicle that could pool several billion euros of the Italian banks' bad loans, the FT reports.
- Last month, UniCredit formed an internal "bad" bank to house €87B ($120B) of loans, two-thirds of which are impaired. Shortly after, Intesa but €46B of assets into a new bad bank. Both companies have taken massive losses on the loans.
Tue, Mar. 11, 1:10 PM
- Italy's UniCredit (UNCFF, UNCFY) kitchen sinks it, booking a $20.8B Q4 loss as it sets aside money for bad loans and writes down goodwill from past acquisitions ahead of the ECB's EU-wide review of banks before it takes regulatory control in November.
- The bank also announced plans to cut 8.5K jobs, about 6% of the workforce, along with a stock dividend of $0.10 per share for 2013.
- The stock closed 6.2% higher in Milan, leading the FTSE MIB index to the EU's best performance on the day, +0.4%.
Tue, Feb. 11, 3:11 PM
- "It's a project concerning [loans to] restructured companies, so it's not a bad bank," says UniCredit (UNCFF, UNCFY) CEO Federico Ghizzoni, confirming his bank and Intesa Sanpaolo (ISNPY) are in talks with KKR. Among the possibilities is the setting up of a vehicle to hold the two lenders' restructured loans, with KKR injecting equity into the indebted companies.
- As of the end of Q3, Intesa and UniCredit had a combined $14.5B in gross restructured loans, and the government would be pleased to see them removed from their books.
Jan. 7, 2013, 4:04 AMCredit Agricole (CRARF.PK) leads major European banks higher, rising 4.7% after regulators ease Basel liquidity rules, followed by Deutsche Bank (DB) +4.3%, Unicredit (UNCFY.OB) +4.3% and Barclays (BCS) +3.7%. Also, SocGen (SCGLF.PK) +3.4%, HSBC (HBC) +0.75%, Lloyds (LYG) +1.9%, Santander (SAN) +2%, RBS (RBS) +1.5%, UBS (UBS) +2% and Credit Suisse (CS) +3.4%. Italy's Banca Monte dei Paschi di Siena (BMDPY.PK) +15%. | Comment!
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