Euro News Source
No Result
View All Result
Thursday, August 11, 2022
  • Login
  • Home
  • Latest News
    • All Europe
    • United Kingdom
      • England
      • Ireland
      • Scotland
      • Wales
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Belgium
    • Netherlands
    • Switzerland
  • Economics
  • Politics
  • Health
  • Sports
  • Videosnew
Subscribe
Euro News Source
  • Home
  • Latest News
    • All Europe
    • United Kingdom
      • England
      • Ireland
      • Scotland
      • Wales
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Belgium
    • Netherlands
    • Switzerland
  • Economics
  • Politics
  • Health
  • Sports
  • Videosnew
No Result
View All Result
Euro News Source
No Result
View All Result
Home News Italy

Monte dei Paschi enlists more banks for cash call as legal risks rise

by Francesco Mazzagatti
August 5, 2022
in Italy
A A
0
152
SHARES
1.9k
VIEWS
FacebookTwitterLinkedin

The logo of Monte dei Paschi di Siena bank is seen in a bank entrance in Rome, Italy August 16, 2018. REUTERS/Max Rossi/File Photo

Register now for FREE unlimited access to Reuters.com

MILAN, Aug 5 (Reuters) – State-owned Italian bank Monte dei Paschi di Siena (MPS) (BMPS.MI) said four more banks had agreed to back its upcoming 2.5 billion euro ($2.6 billion) cash call, as it moves to fend off a fresh legal challenge.

Weighed down by a mountain of legal risks following decades of mismanagement, MPS had appeared on course to draw a line under its legal woes after an Italian appeals court in May acquitted all defendants in a major derivatives case, boding well for other pending lawsuits that could feed claims.

A year ago MPS also reached a landmark accord with its former top shareholder that rid it of nearly 4 billion euros in extra-judicial claims.

Register now for FREE unlimited access to Reuters.com

However, the bank on Friday said it had received extra judicial claims worth 2.6 billion euros between June and August from a consultancy firm, leading to 78 million euros in provisions against legal risks.

Presenting his first set of earnings as CEO, former UniCredit executive Luigi Lovaglio told analysts the latest claims were not adequately supported by documents and the bank had hired lawyers to protect its interests.

MPS also said Barclays, Santander, Societe Generale and Stifel had joined BofA, Citi, Credit Suisse and Mediobanca in signing a preliminary agreement to pick up any unsold shares in the cash call.

Despite the fresh provisions against legal risks, MPS posted a 17.5 million euro ($18 million) second-quarter net profit after loan writedowns needed to ease disposals.

Net profit was up from 9.7 million euros in the first quarter, helped by rising interest rates that more than offset weaker net fees amid tough markets and a much smaller contribution from the trading income.

MPS said it had agreed to sell impaired loans worth 900 million euros, allowing it to cut problem debts as a share of total lending to 3.9%.

The reduction of bad debts is among fresh restructuring commitments Italy agreed this week with the European Commission when it secured an extension of an initial end-2021 deadline to re-privatise MPS.

The Tuscan bank said it expected the European Central Bank to approve its proposed capital raising in time for a shareholder vote on the new share sale on Sept. 15.

($1 = 0.9777 euros)

Register now for FREE unlimited access to Reuters.com

Reporting by Valentina Za; editing by Agnieszka Flak and Christina Fincher

Our Standards: The Thomson Reuters Trust Principles.

Source: Reuters

Tags: AMERSBISVBISV08BNKSBNKS1BSVCCDMCEEUCENCHCMPNYDBTEUROPEZCFINFINSFINS08FRINTINVBISINVBRINVBR1INVMINVS08ITLOAMCENAMERPUBLTOPCMBTOPNWSUSWEUWLTHWLTH08

Related Posts

Italy

Italy’s Meloni, leading in polls, says she is no threat

August 10, 2022
Italy

Italy’s Berlusconi bids for Senate seat, smothers stations with ads

August 10, 2022
Italy

Italy’s right heads for ample majority at election, study shows

August 9, 2022
Italy

U.S. conglomerate Huber buys Italian fertiliser maker Biolchim

August 8, 2022
Italy

Italy kicks off vaccination campaign against monkeypox

August 8, 2022
Italy

UPS to buy Italy’s Bomi Group to boost healthcare logistics capability

August 8, 2022
  • Trending
  • Comments
  • Latest

Woman livestreams fatal stabbing of half-sister

October 25, 2021

Prison sentences for protestors who pray outside abortion clinics in Spain

February 4, 2022

Investigation opened into porn video recorded on altar of Flemish church

November 3, 2021

Where is Gary McCrea now?

March 24, 2022
Freedom Day

Freedom Day

0
Fire Accident

Fire Accident In Iraq

0
Scotland

Advice from the Scotland Prime Minister

0
Brexiteers

Brexiteers Should Thank The EU

0

Jane McDonald warns cameraman to stop filming as she nearly COLLAPSES on show

August 11, 2022

England Lionesses Euro 2022 star Millie Vibrant signs new three-12 months deal with WSL champions Chelsea

August 11, 2022

NHS facts reveals people in England waited practically an hour on ordinary for an ambulance past thirty day period

August 11, 2022

Community service for farmer who dumped waste on motorway

August 11, 2022

Recent Posts

Jane McDonald warns cameraman to stop filming as she nearly COLLAPSES on show

August 11, 2022

England Lionesses Euro 2022 star Millie Vibrant signs new three-12 months deal with WSL champions Chelsea

August 11, 2022

NHS facts reveals people in England waited practically an hour on ordinary for an ambulance past thirty day period

August 11, 2022

Community service for farmer who dumped waste on motorway

August 11, 2022

Married teacher who kissed pupil in nightclub allowed to return to classroom

August 11, 2022

Canadian Open: Serena Williams suggests farewell to Toronto after decline to Belinda Bencic – ‘I’m terrible at goodbyes’

August 11, 2022

Recent Posts

  • 6 cosmetic products to avoid at all costs when sunbathing
  • Jane McDonald warns cameraman to stop filming as she nearly COLLAPSES on show
  • England Lionesses Euro 2022 star Millie Vibrant signs new three-12 months deal with WSL champions Chelsea
  • NHS facts reveals people in England waited practically an hour on ordinary for an ambulance past thirty day period
  • Community service for farmer who dumped waste on motorway

Categories

  • Austria
  • Bahamas
  • Belarus
  • Belgium
  • Breaking News
  • Brexiteers
  • Business
  • China
  • COVID Cases
  • Covid-19
  • Cyber security
  • Debt
  • Economics
  • Energy
  • England
  • Fashion
  • Fire Accident
  • Food
  • France
  • Freedom Day
  • Germany
  • Health
  • Human Launch
  • Humanitarian
  • Ireland
  • Italy
  • Netherlands
  • News
  • Norway
  • Opinion
  • Politics
  • Refugees
  • Russia
  • Russia
  • Rwanda
  • Saudi Arabia
  • Science
  • Scotland
  • Scotland
  • Spain
  • Spanish-Flu
  • Sports
  • Switzerland
  • Travel
  • Ukraine
  • United Kingdom
  • Videos
  • Wales
  • Zambia

Site Navigation

  • About
  • Advertise
  • Guest Post
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
Euro News Source

Euro News Source is one of the best sources of European News. We provide the latest news from the European Union and its member states, local and international political, economic and sports news. Follow us to receive all news from around the European Union.

© 2021 Euro News Source.

No Result
View All Result
  • Home
  • Latest News
    • All Europe
    • United Kingdom
      • England
      • Ireland
      • Scotland
      • Wales
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Belgium
    • Netherlands
    • Switzerland
  • Economics
  • Politics
  • Health
  • Sports
  • Videos

© 2021 Euro News Source.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?