Main goal in Italy bank M&A should be better credit, savings products, central bank says
Presenting the Bank of Italy's annual report in Rome, Governor Fabio Panetta said consolidation efforts could bring Italy's banking sector more into line with that of the other main European countries.
Italy is being rocked by a raft of bids which have pitted the country's second-biggest bank UniCredit (CRDI.MI), opens new tab against the government.
The lender has challenged in court the conditions Rome has imposed to clear its proposed acquisition of smaller peer Banco BPM (BAMI.MI), opens new tab.
Bank mergers "must be well-designed and aimed solely at value creation," Panetta said.
"Creating value means, first and foremost, offering firms and households adequate financing in terms of quantity and costs; effective and transparent savings instruments at fair conditions; qualified and innovative services consistent with Italy's development needs," Panetta said.
The Bank of Italy's role is to make sure banks formed through deals are "sound in terms of capital, liquidity and risk governance," he added.
"Other national and foreign authorities operate in accordance with their statutory powers," Panetta said.
Italy's government is a on a collision course with European Union authorities because it defends the right to have a say on bank deals -- such as UniCredit's bid for Banco BPM or an asset management tie-up between insurer Generali (GASI.MI), opens new tab and French bank BPCE -- on grounds of national security.
"Market dynamics and shareholder decisions" will ultimately determine the outcome of offers, Panetta said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Italy's Meloni says it's a 'positive' trade deal was reached but needs to see details
ROME, July 27 (Reuters) - Italy's Prime Minister Giorgia Meloni said on Sunday it is "positive" a trade deal has been reached between the European Union and the United States, adding, however, that she needs to see the details. Washington struck a framework trade deal with the EU imposing a 15% import tariff on most EU goods. "I consider it positive that there is an agreement, but if I don't see the details I am not able to judge it in the best way," Meloni told journalists on the sidelines of a meeting in Addis Ababa. Italy is one of the biggest European exporters to the U.S., with a trade surplus of more than 40 billion euros. The Italian government, led by a nationalist coalition, had urged its European partners to avoid a direct clash between the two sides of the Atlantic. In a statement, Meloni said that the agreement "ensures stability", adding that the 15% "is sustainable, especially if this percentage is not added to previous duties, as was originally planned." "We are ready to activate support measures at the national level, but we ask that they also be activated at the European level for sectors that will be particularly affected by US tariff measures," she added. The statement was also signed by the leaders of the other two coalition parties: Antonio Tajani of Forza Italia and Matteo Salvini of the League.
Reuters
2 days ago
- Reuters
Croatia's Fortenova seals a 550 mln euro refinancing deal with Unicredit, Zagrebacka bank
July 25 (Reuters) - Croatia's largest food producer and retailer, Fortenova Grupa, has agreed a 550 million euro ($645 million) refinancing deal with Unicredit and Zagrebacka Bank ( opens new tab, the company said on Friday. "With this arrangement, which represents the largest private corporate financing in Republic of Croatia arranged by one banking group, Fortenova Group makes an important step in further stabilisation and strengthening of its financial position," the company said. Formerly known as Agrokor, Fortenova is one of the biggest companies in southeastern Europe. It was saved from bankruptcy in a restructuring deal with local and foreign creditors in mid-2018. The company said this was its first banking financing since it was founded in 2019. "Since ... 2019 we have cut gross debt from 2 billion euros to 650 million euros and at the same time more than doubled the Group's EBIDTA," said CEO Fabris Perusko. The effective date for the debt refinancing is October 1. ($1 = 0.8526 euros)
Scottish Sun
3 days ago
- Scottish Sun
Football's changed beyond belief since my first game 26 years ago – cling onto fact there's still people kicking a ball
Through the money and the years, football has mutated into a monster game changers Football's changed beyond belief since my first game 26 years ago – cling onto fact there's still people kicking a ball Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) AS CRYSTAL PALACE prepare a complex legal case against demotion from the Europa League, it makes you think. If not, it should do. That within two months of the only genuinely heart-warming moment from a forgettable Premier League season, the one feel-good factor from 12 months of humdrum routine has been blown to smithereens. Sign up for Scottish Sun newsletter Sign up 9 Crystal Palace beat Man Utd at Wembley to secure a spot in next year's Europa League Credit: PA 9 However, multi-club ownership rules saw them demoted to the Conference League Credit: Getty 9 Eagles chairman Steve Parish will battle the decision at the Court of Arbitration for Sport Credit: Shutterstock Editorial Palace won their first trophy in 120 years back in May by upsetting moneyed Manchester City in the FA Cup final — and anyone with an ounce of romance rejoiced. Yet in less time than it takes for VAR to check for your average offside, the joy has been cut short. Because the growing trend for multi-ownership and the pursuit of power among the world's richest has put football second — again. With Eagles shareholder John Textor also having financial interests in Europa-League bound Lyon, rules have been broken, say Uefa. Two clubs under the influence of the same bloke can't compete in the same competition. And fair enough. So, Palace's defiant chairman, Steve Parish, now must lead the desperate fightback via the Court of Arbitration for Sport. What was once a little-known legal body based in a mansion in Switzerland is now becoming as big a name as Kylian Mbappe or Erling Haaland. And that Nottingham Forest could not wait to grass up Palace in the hope of nicking their Europa League spot is football 2025 in a nutshell. CASINO SPECIAL - BEST CASINO BONUSES FROM £10 DEPOSITS 9 John Textor has since sold his stake in Palace to fellow American Woody Johnson Credit: AFP Lawyers and business tycoons have replaced centre-forwards and centrefolds as the main players at the heart of our national sport. Let's rewind to July 1999 and compare notes. The only reason I suggest this date is because that's when I started on staff at SunSport. Crystal Palace legend Geoff Thomas slams Uefa for denying them a Europa League place After bluffing my way through it for 26 years, this will be my last column before leaving so it's as good a point in time as any. Back then, on the cusp of the new millennium, Alan Shearer was widely reported as the Premier League's top earner on £34K a week at Newcastle. Roughly 100 times the average wage of the day. Shearer's £1.76million a year is dwarfed by the estimated £18.2m annually Mo Salah will trouser under his new Liverpool contract. Average wages in the UK for last year were roughly £37,000 per year. You don't have to be Carol Vorderman to work out that the gap has widened considerably. In the summer of '99, Manchester United were celebrating victory in the Champions League, Premier League and FA Cup. The only treble the fans can enjoy these days is a stiff one in the boozer after the latest abject collapse on the pitch at a fallen giant. But at least that's football related. 9 Man Utd completed the Treble in 1999 with a dramatic win over Bayern Credit: Getty 9 Jonny Evans' departure at the end of the season means there are no more players at the club who played under Sir Alex Ferguson Credit: Getty So much of what masquerades as our favourite sport has nothing to do with shirts, shorts and shin pads. And back when Tony Blair was still regarded as a half-decent PM, there was no VAR to kill the spontaneous release that is a goal being scored. In 1999, the beleaguered boss of the referees' union did not have to appear regularly on TV to desperately fight the corner of members. In 1999, not every defeat was considered a national disaster by over-hyped figures in the game. In 1999, clubs were not selling their own hotels back to themselves to get round spending rules. Spending rules brought in to stop nation states hoovering up our best teams at the expense of fair competition. In 1999, there were 17 managers of British and Irish descent working in the Prem. Today it's five. In 1999, the biggest transfer of the summer was Nicolas Anelka's exit from Arsenal to Real Madrid. The £22.5m was considered big money. Most pertinent of all, in 1999 Premier League grounds were alive. They were not stop-offs for foreign tourists sitting in silent bewilderment while clutching bags of overpriced tat from club shops. The game hasn't gone these past 26 years but it's going. 9 Somewhere in the middle of all the legal battles, foreign takeovers, stakeholders, rights holders, influencers, extortionate ticket prices, popcorn, VAR, play-acting and social media tripe, there are still people kicking footballs. Cling on to that. CAPTAINCY IS IN LEVI'S GENES FAREWELL NOTE TO CHELSEA: Levi Colwill must be your next captain. During the Club World Cup, the defender grew in stature so much off the pitch and is emerging as a superb ambassador for a club that can struggle for positive PR. From discussing his secret LEGO passion, to bold declarations that Chelsea can win the title this season, this young man has the kind of character they have been aching for at Stamford Bridge since the departures of John Terry and Antonio Rudiger. When Reece James calls it a day wearing the armband, Colwill must take over. 9 Levi Colwill was integral to Chelsea's Club World Cup triumph in the US Credit: Getty JUAN-NIL LOSS BARCELONA is 920 miles from London. Marcus Rashford seems to think it is a world away. By refusing to answer any questions in English at his unveiling by the Spanish giants he has already scored a little own goal. You can pretend it's to ingratiate himself with the Catalan locals but nobody over here is really fooled. Rashford might think he has been harshly treated by the English media but I have never met a reporter who doesn't wish him all the very best and wants him to do well for his club and for England, more importantly. And more importantly than anything to do with football, his campaign for free school meals is a standout moment as a human being. 9 Marcus Rashford joined Barcelona on a season-long loan after falling out with Man Utd manager Ruben Amorim Credit: Getty It's worth remembering that his move to Barcelona from Manchester United is only a season-long loan and that this time next year he may be back. There'll be questions then — and no hiding place behind the lingo.
