Winter 'of Italian banks will last much longer. If the big chill is over and the longer days gives hope for a spring approaching, those who deal with credit in Italy has yet to work hard to warm the soul and fill your wallet. II, perhaps 2011 will be the turning point, while I send in a 2010 archive of widespread difficulties. Abroad, UBS is back profit after three years in red (at the same time a strong scissor kick bonuses for managers). In Italy there are no numbers yet, but rumors leaked last week on Unicredit, the first Italian institution, which closed on home territory in the red for a 50 million euro, the most emblematic picture of how difficult it is today , to the bank in Italy. Economic crisis, business squeezed by international competition and interest rates almost to zero the climate makes it difficult for any operator. NODES
the difficulties that are facing economic and structural. The rules laid down by Basel 3 as not immediate in time, are intended to change the face and structure of the heritage of all European banks, not just Italian. The capital increases, the current Basel 3, will be on the agenda. Not now. Even for those banks that currently seem to have your wallet. MPS is the case that among all the Italian banks that issued the largest share of the Tremonti-bond of 1.9 billion. One issue that has allowed the MPS to continue to make loans to businesses, but it must be "redeemed" by June 2013, twenty-eight months from now. Otherwise, the Italian bank will become a shareholder of Siena. But how?
REORGANIZATION
Mount has achieves one of the most powerful works of internal reorganization and cost containment implemented by Italian banks, by raising the level of commitment to its tier 1 ratio of around 200 basis points. Has divested more than a hundred branches. Cut the boards and supervisory boards, eliminating 193 seats. Disposed of holdings. Obtained from the Bank of Italy the adoption of the models in the assessment of capital Aduance former rules of Basel I. No one has done more in recent years between the great Italian groups. But not enough. Abroad is the example of government bonds should discard it as soon as possible. In France, BNP-Paribas, which controls BNL in Italy, like other institutions Bleus were in fact 'Forced' to sign onerous bond. In this case, to 5 billion euro, which has been repaid in 7 months. In Italy, Banco Popular has just successfully completed a capital increase of € 2 billion of its own to close the match with the state.
CUTS IN DEPTH '
The work of Giuseppe Mussari chairman and the director Antonio Vigni is leaving its mark. But the situation does not help. Stock Exchange is unable to reach a value of 1 € from October 29, 2010. So, just a misunderstood phrase of the President of the Fondazione MPS, Gabriella Mancini, to slide the course of premature discounting scenarios. Mount for now ensures that it will not increase; plans to make the most of the next 28 months and to continue on the path of rationalization and divestitures. Also, tell Rocca Salimbeni, Italian banks are suffering from a wrong perspective. In the calculation of interest only 30 basis points are tax deductible. If the macro outlook will change the accounts will benefit from a leverage effect. Lightweight structure, Monte may now make a different future in Consum.it, the company that deals with consumer credit. The idea is that of a strategic alliance: it is already mandated JP Morgan to find a partner. Siena for the rest to take hard and console themselves with the report. Centrobanca sets the target price to 1.18 euro. Citi to 0.95 euro, but with index return on equity (ROE) to 6.3% this year compared to 3.5% in 2010. HSBC sets the target price of 1.1 euro and synthesizes an overweight his optimism on the title.
(Feat. ICDS)
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