• Latest
  • Trending
UniCredit chief upbeat on Monte dei Paschi deal as takeover talks start

UniCredit chief upbeat on Monte dei Paschi deal as takeover talks start

BYD, a Chinese EV manufacturer, approaches the United States with caution

BYD, a Chinese EV manufacturer, approaches the United States with caution

BOJ resists market expectations for policy changes, pushing the currency down

BOJ resists market expectations for policy changes, pushing the currency down

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Artificial intelligence to take on the Aviation industry too

Normalcy wished to revert to airlines after FFA blackout

Dollar dented as consumer sentiment dives

Dollar declines on expectations of weaker US rate increases and China’s resumption

Stocks gain as upbeat wall St earnings lift outlook

Bloomberg might pick up Wall St. Journal or W.Post, citing Axios

Rocky market giving macro funds a boost

Funds begin progress aiming for the peak of the U.S. interest rate: McGeever

Fed’s stress test on bank health results roll out on Thursday

Romer: Fed must make a “tough call” to prevent a shocker

FTX invested $300 million in Bahamas property as “personal fiefdom”

Bankman-Fried lawsuit’s link with the former head attorney of FTX

Global Business Review Magazine
Saturday, April 1, 2023
Nominate Here
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
No Result
View All Result
Global Business Review Magazine
No Result
View All Result

UniCredit chief upbeat on Monte dei Paschi deal as takeover talks start

UniCredit chief upbeat on Monte dei Paschi deal as takeover talks start

Chief executive Andrea Orcel said that Unicredit is well placed to secure a beneficial deal with the Italian government in talks to take over Monte dei Paschi di Siena, which it sees as the best M&A option at present. Orcel defended the merits of a possible MPS acquisition as UniCredit posted a higher than expected second-quarter net profit. This is a day after agreeing to enter exclusive negotiations over the bailed-out rival.

Italy’s No.2 bank said that it had signed an accord with the Treasury setting guidelines for a potential takeover of MPS. UniCredit, which had long rebuffed government pressure to buy MPS, said that it would only acquire selected parts of the lender in a deal that would leave its capital buffers unchanged while boosting earnings per share by a double-digit percentage. Chief Executive Andrea Orcel said that discussions will unfold over the next few weeks with a decision expected by mid-September. He reported that they strongly feel that, with the principles they have highlighted, given the timing and the ability to select what they buy, Monte dei Paschi is the best option, and the only option on the table at this point.

YOU MAY ALSO LIKE

BYD, a Chinese EV manufacturer, approaches the United States with caution

Normalcy wished to revert to airlines after FFA blackout

Orcel said that the deal would allow significant cost cuts and boost UniCredit’s market position in Italy. UniCredit would be shielded from legal risks weighing on MPS following years of mismanagement. Shares in UniCredit rose 2.5%. MPS surged 7%. MPS faces a capital shortfall of up to 2.5 billion euros and banking stress test results due later are set to turn the spotlight on to its frail finances. UniCredit improved its 2021 outlook for loan loss charges. Net profit for the April-June period came in at 1.03 billion euros versus a company-provided analysts’ average estimate of 736 million.

UniCredit said that it now expects its cost of risk. Shrinking loan losses also helped drive profits at Barclays and Santander. Revenue totalled 4.4 billion euros, above an average 4.3 billion forecasts, with fees rebounding by 21% from a year ago when Italy enforced a strict lockdown to fight the pandemic. Higher fees and trading income more than offset the yearly decline in interest income. UniCredit has pledged to boost its lending business, with Orcel, hired after predecessor Jean Pierre Mustier fell out with the board over strategy, saying a phase of active retrenchment for the bank was now over.

Tags: Monte dei PaschiUniCredit
ShareTweetShare

Search

No Result
View All Result

Recent News

BYD, a Chinese EV manufacturer, approaches the United States with caution

BYD, a Chinese EV manufacturer, approaches the United States with caution

BOJ resists market expectations for policy changes, pushing the currency down

BOJ resists market expectations for policy changes, pushing the currency down

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • BYD, a Chinese EV manufacturer, approaches the United States with caution
  • BOJ resists market expectations for policy changes, pushing the currency down
  • Household wealth anticipation has declined, claim by global poll
  • How is the bond yield controlled in Japan?
  • Policy takes the u-turn; BoJ’s yield curve may slip

Categories

  • Banking
  • Business
  • Events
  • Finance
  • FinTech
  • Tech
  • Videos
  • About
  • Nominate
  • Privacy & Policy

© 2023 Global Business Review Magazine - All Rights Reserved.

No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

© 2023 Global Business Review Magazine - All Rights Reserved.

Go to mobile version